Darag

The deal is expected to close by year end. 

The deal will see Darag manage open claims relating to the runoff of Unipol Re.

The legacy carrier is to buy the captive from a “very large” multinational firm.

Its PE owners have been exploring strategic options since May last year.

CEO Booth said there is “continued interest” in the NA captive market.

Darag’s German outfit completed the transaction to assume expired long-term liability insurance policies from the undisclosed captive.

The seller is facing an uphill struggle convincing its legacy rivals that there is strategic value in the merger deal.

The transactions were written into Darag Bermuda and offer full legal finality for the US workers’ compensation book of the latter and the US workers’ comp and automotive liability books of the former.

In the wake of Enstar's $5.1bn go-private deal, here's our prior deep dive on the firm.

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.

Till Mathis Wagner is leaving Guy Carpenter, where he was managing director of strategic advisory Europe.