DARAG buys Texas licensed carrier to act as workhorse for US expansion
DARAG, the legacy specialist, has acquired a licensed Texas-based insurer in run-off, which it will leverage to offer licensed paper across all 50 US states.
DARAG said it was use the carrier to assume previously self-insured risk and other third-party legacy portfolios requiring licensed paper. DARAG is buying the asset directly out of Texas state administration.
Tom Booth, Group CEO of DARAG, said: “We are pleased to widen DARAG’s toolkit and to be able to offer licensed paper in the US for self-insured entities. This will provide them with full finality exit solutions alongside more traditional LPTs. We believe a Texas-domiciled insurer is an ideal platform for this line of business in which the DARAG team has strong experience of and expertise.”
Daniel Linden, CEO of DARAG North America, said: “With this acquisition, DARAG is notably strengthening its presence and infrastructure in North America. Our management team has worked with [Texas Department of Insurance] TDI previously and greatly appreciates their knowledge of the complex legacy market. We look forward to a successful partnership with the state and future clients alike.”
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