DARAG Acquires Books of Business from 2 North American Captives
July 20, 2023
Legacy acquirer DARAG Group said it has completed two transactions with undisclosed North American captive insurance companies.
The first transaction was completed in May, with the second concluded in June, a DARAG statement said. The transactions have been written into DARAG Bermuda and offer full legal finality for the US workers compensation and automotive liability books of business of the first captive and the workers compensation book of the second.
"Our team has seen increased interest in North America for bespoke legacy solutions that enable insurers to achieve finality for their noncore books of business," Tom Booth, DARAG's CEO, said in the statement. "We are pleased to be able to meet that demand and further develop our relationship with the US self-insured market. These latest transactions demonstrate DARAG's ongoing commitment to our North American platform."
"It has been a busy year for DARAG's North American platform, and we continue to have a very active pipeline," Joel Neal, executive vice president, M&A, at DARAG North America, said in the statement. "These transactions, alongside the many others we have had in North America, demonstrate the growing demand for the solutions DARAG offers in the region."
July 20, 2023
