DARAG acquires Guernsey reinsurance captive

Τετάρτη, 09 Μαρτίου 2022 14:54
DARAG acquires Guernsey reinsurance captive

DARAG Group (“DARAG” or “the Group”), a leading legacy acquirer, announced the acquisition of a Guernsey based reinsurance captive.

The sale of the captive, which has been in run-off since 2019, is part of a strategic realignment for its cedant owner, which is looking to tighten its business focus. Its key business lines are property damage, business interruption, and public and employers’ liability in the UK, areas of proven expertise for DARAG.

This is the second transaction for the Group in Guernsey, reinforcing its position in the market, as well as across Europe and North America.

Tom Booth, CEO of DARAG Group, said: “It is important for our clients to know that we can ensure their strategic goals are reached through working with us, and the completion of this deal certainly demonstrates that. Their confidence in us shows that DARAG is trusted worldwide to provide high quality, reliable legacy solutions for a wide spectrum of clients.”

The transaction is subject to regulatory approval from the Guernsey Financial Services Commission (GFSC) approval.

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