Darag
-
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.
-
The market has suffered from a glut of capital, and a number of structural features that make winning hard.
-
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.
-
The pair have permission to undertake a Part VII transfer.
-
The company expects to announce another similarly sized deal soon, and the rest of the year’s pipeline is “beyond expectations”.
-
Research from this publication exposed a dearth of female leadership in the Lloyd’s market.
-
The latest financial condition report for Darag Bermuda shows a $69.0mn loss after tax for 2021.
-
The legacy carrier’s GWP of EUR28.5mn was less than half that of the prior year.
-
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.
-
The incoming executive spent 16 years at Beazley, most recently as CRO and executive director.
-
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.
-
The transaction includes CTI’s business underwritten in the Republic of Ireland, the Netherlands, Belgium and Denmark.
-
Andrew Hill had served as group COO at the legacy specialist since 2019.
-
Matthias Hahne joins as head of risk management for Europe, while Martial Hille joins as senior risk manager.
-
Chhabra joins the legacy specialist after six years at Aspen where he was most recently head of exposure and performance management.
-
The deal is the first publicly disclosed transfer to a run-off partner in the French market.
-
The legacy carrier has hired senior data, IT and actuarial professionals in London and Bermuda.
-
The deal will cover commercial auto liabilities occurring in the two years ended September 2020.
-
Legacy acquirer Darag has agreed to buy SunPoint Holdings, the legacy business founded by Fosun in 2017.
-
The legacy company announces three recent appointments to its management team.
-
The experienced market practitioner has worked on over 30 closed legacy transactions.
-
It is understood the book will be reinsured to close into Compre’s new legacy syndicate once the launch is approved.
-
The move follows Axa LM's decision to cease bidding for new external deals, revealed in September last year.
-
The portfolio is mostly made up of third-party liability motor business.
-
The original cedant is a French P&C, motor and D&O specialist.
-
CEO Booth says legacy carrier plans European and global expansion.
-
Elliott Goss will become the group’s head of claims from 17 August and be based in London.
-
The executive was responsible for business development and partnership relationships at Darag.
-
The German insurer finally concludes the sale 18 months after it first brought the legacy portfolio to market.
-
The unit will be used as a consolidator for certain non-EEA legacy deals.
-
The executive will leave the legacy carrier at the end of the month.
-
The executive has investment from private-equity house Partners Group and is already considering transactions.
-
The executive moves to the Hamburg-based company from the position of head of legacy solutions restructuring in North America.
-
The portfolio holds almost $200mn in net reserves.
-
The experienced executive joins the legacy acquirer from The Warranty Group.
-
The legacy acquirer will provide complete finality for shareholders.
-
The legacy carrier will use the base to acquire insurance entities in run-off.
-
The European legacy specialist, led by CEO Tom Booth, had been considered the frontrunner to take the German book.
-
The target is in administration, having entered solvent run-off in 2003.
-
The target reinsures African industrial property and engineering projects.
-
The legacy carrier will cover the Norwegian insurer’s change of ownership portfolio.
-
The legacy carrier has acquired several risk retention groups in recent months.
-
The transaction is the first third-party transfer into Darag Italia
-
The Milan-based carrier has finalised the agreement, following over a year of exclusive talks.
-
The partners are assessing solutions for the remaining Qudos businesses.
-
The deal adds four run-off books to the legacy carrier.
-
The former Darag CEO claims the method developed by his company will be more cost-efficient than the sale of legacy portfolios practised to date
-
The former Aegis London finance director will join in September.
-
The legacy carrier and consultancy SOBC Corp have jointly acquired the non-standard auto insurer in run-off.
-
Legacy carriers are lining up resources ready for the mass sell-off of continental European liabilities but obstacles to transactions remain.
-
The investment will provide additional firepower for Darag to pursue new run-off acquisitions.
-
The legacy carrier confirms that former R&Q CFO Booth will take the helm.
-
The deal is the first since Darag and New Nordic forged their partnership.
Most Recent
-
AM Best upgrades MS Re financial strength rating to A+
26 April 2024 -
Beazley’s Barnes resigns in latest energy market move
26 April 2024 -
QBE Re rebuilds in A&H with Canopius’s Brigstocke
26 April 2024