Darag
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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.
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The market has suffered from a glut of capital, and a number of structural features that make winning hard.
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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.
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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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