Legacy acquirer DARAG has announced the conclusion of a novation agreement with a leading Cayman reinsurer to provide finality for its US liability books. The transaction was valued in excess of $40 million and has been written into DARAG Bermuda.
DARAG Bermuda will provide legal, economic and operational finality for the counterparty’s US workers’ compensation, general liability, auto liability and product liability books of business, DARAG said.
“Our team has worked closely with the client to ensure that their strategic goals are achieved with this transaction,” said Daniel Linden, CEO of DARAG North America. “The completion of the deal provides the company with a clean economic exit and certainty about future development. We are very pleased to have been able to support such an established counterparty and demonstrate DARAG’s expertise as the favored legacy acquirer for both counterparties and fronting carriers alike.”
“Our Bermuda operation is pressing ahead with our expansion strategy in the region,” said Tom Booth, CEO of DARAG Group. “We continue to invest in our global business and to provide tailored capital relief solutions to clients, and we look forward to further transactions in North America.”
