Darag
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Andrew Lewis has outlined growth plans for Xitus, a niche global legacy firm he has co-founded that will focus on non-life and reinsurance deals of $5mn-$50mn. -
Legacy firm Darag has completed a reinsurance agreement with an undisclosed US carrier that carries a transaction value of around $15mn.
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Till Mathis Wagner is leaving Guy Carpenter, where he was managing director of strategic advisory Europe.
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The pair have permission to undertake a Part VII transfer.
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The company expects to announce another similarly sized deal soon, and the rest of the year’s pipeline is “beyond expectations”.
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Research from this publication exposed a dearth of female leadership in the Lloyd’s market.
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The latest financial condition report for Darag Bermuda shows a $69.0mn loss after tax for 2021.
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The legacy carrier’s GWP of EUR28.5mn was less than half that of the prior year.
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As part of the changes, North America CEO Dan Linton – who operates out of Bermuda – is to leave the company, while around half a dozen employees will be made redundant.
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The incoming executive spent 16 years at Beazley, most recently as CRO and executive director.
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Legacy acquirer Darag has entered into a Stock Purchase Agreement and received the relevant regulatory approval for the purchase of a Texas-based insurer in run-off.
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The transaction includes CTI’s business underwritten in the Republic of Ireland, the Netherlands, Belgium and Denmark.
