DARAG announces reinsurance agreement with Multi-national Insurance Company
20 January 2020 – DARAG, a leading legacy acquirer, today announces the conclusion of a loss portfolio transfer between DARAG Insurance Guernsey Limited (“DIGL”) and a Multi-National Insurance Company with subject reserves in excess of $100 million. DIGL is providing economic and operational finality for the counter-party’s US General Liability book of business. TigerRisk served as advisors to both parties in concluding the agreement.
Tom Booth, CEO of DARAG, said: “We continue to expand our geographical footprint, illustrated by the completion of this sizeable US transaction underwritten by DIGL. The portfolio will be managed through service agreements between DIGL and our SOBC DARAG operations in the US. I am delighted to be able to announce our continued growth and success in providing attractive legacy solutions to the market.”
DARAG is a leading international insurance and reinsurance group specialising in the assumption of discontinued business and the provision of capital relief solutions. The Group has completed 33 run-off transactions in 18 countries with a value in excess of €1.1bn.
For more information, please visit: www.darag-group.com