DARAG wins Reactions London Market Award for Run-off Company of the Year
20 August 2020 -DARAG, a leading legacy acquirer, today announced that it has been named as the Run-off Company of the Year in the Reactions London Market Awards 2020 at an awards ceremony held virtually on the 19th of August.
The prestigious annual London Market Awards honour leading re/insurance companies with a London presence for their achievements over the previous year. The Run-off Company of the Year Award recognises the legacy provider which demonstrated excellence in its management of the run-off portfolio, financial performance and overall client service. The nominated companies were evaluated by an independent judging panel comprised of senior executives in the London market.
In 2019, DARAG evolved from a continental legacy specialist to a global force in this sector – it made its first UK entity acquisitions, acquired a Guernsey captive in run-off, agreed a landmark deal with Zurich and launched its Bermuda operations, which now include a Class 3a reinsurer. In 2020, this growth has continued, with large transactions agreed with renowned counterparties such as Hallmark and ADAC.
Tom Booth, CEO of DARAG, said: “2019 was an exceptional year for DARAG. We have completed a number of major deals in the US, the UK and Europe, expanded our business footprint and consolidated our international platform for future deals. Our team has also engineered some of the most significant transactions in the market, including a pioneering Lloyd’s US liability reinsurance deal and a portfolio transfer agreement with over €180m in booked reserves.
We are very pleased to be recognised as the Run-off Company of the Year. Building upon this achievement, we look forward to further developing DARAG as a leading global legacy acquirer and outstanding service provider.”