DARAG names new head of capital management

DARAG Group has appointed a new group head of capital management.

Ajay Chhabra joins DARAG to enhance its capital efficiency across its main platforms in Bermuda and Germany, and across its group worldwide. He joins from Aspen where he spent six years, most recently as head of exposure and performance management.

Chhabra previously held actuarial and capital modelling roles at Asta, Aspen, Tillinghast and Benfield.

Tom Booth, group chief executive officer at DARAG, said: “Ajay has a fantastic track record of innovation and problem solving, providing clear and strategic advice across all capital related matters.  He will be a critical part of an increasingly structured and sophisticated approach to capital planning and internal capital modelling at DARAG, reflective of the group’s increased size, maturity and growth ambitions.”

Booth added: “As one of only a few legacy players which executes transactions frequently across Europe and North America, DARAG has built up a substantial, well diversified and medium tail portfolio since its recapitalisation three years ago, reinforced by strong underwriting discipline and expert claims management. Our future growth will be built upon those same foundations.”

Chhabra said: “DARAG benefits from a significant balance sheet, ready access to growth capital and the ability to transact across key territories. It has been building an enviable reputation as a well-resourced global legacy player.”