Darag

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.

The legacy sector has seen surging deal volumes of late, but the major inflows of capital into the space look set to choke off returns, with the live market’s depressed returns a cautionary tale for run-off acquirers.