DARAG unveils new $10m North American captive transaction

Legacy re/insurer  DARAG Group has unveiled a new North American captive transaction valuing approximately $10 million.

DARAG has concluded a new agreement with an offshore captive insurance company, which will provide legal, economic and operational finality for the underlying US P&C business of the counterparty.

The transaction structure was a novation, and the value was approximately $10 million, it said.

Tom Booth (pictured), CEO of DARAG Group, said: “There is a clear need from clients in North America and globally for tailored capital relief solutions provided by a trusted partner. We are pleased to achieve this excellent result for our clients, enabling them now to focus on their core business, safeguarding their strategic and operational efficiency in the future.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.