2 July 2018Insurance

DARAG poaches new group CEO from R&Q in expansion move

European run-off insurance company DARAG has appointed Tom Booth as its new group CEO.

Until recently, Booth served as group chief financial officer (CFO) of Randall & Quilter Investment Holdings (R&Q) in Bermuda. Over the last few years, he has worked on sourcing and executing North American based legacy transactions, building on his previous experience in the UK and Europe. He joined R&Q from Numis Securities, where, as corporate finance director, he headed the corporate finance team for the non-life insurance sector.

DARAG said that Stuart Davies will remain executive chairman until the transition is complete and become non-executive chairman thereafter, working with Booth to coordinate the planned significant expansion of DARAG.

Davies said: "DARAG is set on global growth, with several key transactions in core and new markets in recent months. Tom is the ideal candidate to lead this continued expansion. DARAG has an unparalleled level of expertise and is able to provide capital efficient, tailored legacy solutions, no matter the size or complexity of the portfolio."

Booth added: “Legacy is a fast-growing market, with excellent revenue potential and a track record of delivering market-beating returns. DARAG’s expert team has deep knowledge and understanding of the global market, and I am honoured to be joining this exciting business as CEO.”

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More on this story

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26 March 2018   European run-off specialist DARAG has formed a strategic partnership with London-based asset manager New Nordic Advisors that will see the two companies join forces in a number of project areas including the provision of legacy, active business and restructuring solutions.
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13 October 2017   European run-off insurance company DARAG has appointed Tullio Ferrucci as CEO of DARAG Italia.
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30 July 2018   DARAG, a European legacy acquirer owned by Keyhaven Capital Partners, has secured an equity funding of up to €260 million to support growth plans for the business.