DARAG announces reinsurance agreement with Lloyd’s Syndicate
15 January 2020 – DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announces the conclusion of a transaction with a leading Lloyd’s syndicate to provide reinsurance for a US liability book. The reinsurance will be provided via DARAG’s Maltese risk carrier, DARAG Malta Insurance and Reinsurance PCC Ltd.
This innovative deal, concluded by a Lloyd’s Syndicate with a legacy provider outside of the Corporation, will provide economic and operational finality. TigerRisk served as advisors to both parties in concluding the agreement.
Tom Booth, CEO of DARAG Group, said: “This transaction is a testimony to DARAG’s continued geographical market expansion and transactional capability. We are delighted to have been able to assist one of the leading Lloyd’s businesses, with a clean exit from some of its discontinued US business.
As the need to improve operational efficiency and underwriting profitability at Lloyd’s continues, we expect an increase in such transactions and hope that we and the rest of the legacy market can provide attractive solutions to benefit the market. I look forward to announcing more transactions in the near future.”