DARAG to acquire Guernsey reinsurance captive

European legacy specialist  DARAG Group is set to acquire a Guernsey-based reinsurance captive.

The said captive has been in run-off since 2019. Its sale is part of a strategic realignment for its cedant owner, which is looking to “tighten its business focus”, according to DARAG.

The captive's key business lines are property damage, business interruption, and public and employers’ liability in the UK.

This is the second transaction for the DARAG in Guernsey, reinforcing its position in the market, as well as across Europe and North America.

The deal is subject to regulatory approval from the Guernsey Financial Services Commission (GFSC).

Tom Booth (pictured), chief executive of DARAG Group, said: “It is important for our clients to know that we can ensure their strategic goals are reached through working with us, and the completion of this deal certainly demonstrates that.  Their confidence in us shows that DARAG is trusted worldwide to provide high quality, reliable legacy solutions for a wide spectrum of clients.”

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