SOBC DARAG targets US expansion with new Bermuda hub; hires team from R&Q

SOBC DARAG, a subsidiary of run-off specialist DARAG UK, has launched a new office in Bermuda with four senior hires from Randall & Quilter, in a move aimed at "significant expansion" in North America and on the island.

The new Bermudian subsidiary will be fully operational from August 1. It will provide a full suite of finality solutions, including the acquisition of insurance entities in run-off, assumptions, novations and retrospective reinsurance.

The team includes Dan Linden, who joins as head of SOBC DARAG’s Bermuda office, effective August 1. Joel Neal, Ryan Heyrana and Lucy Foster have joined as executive vice president, vice president and financial controller/ captive manager, respectively.

All the four executies come from Randall & Quilter Investment Holdings (R&Q), where Linden was most recently head of M&A operations - Bermuda/US; Neal was vice president M&A in Bermuda; Heyrana was M&A analyst; and Foster managed insurance companies and captives in the Bermuda M&A space.

Tom Booth, CEO at DARAG Group, said: “I am delighted to welcome the new Bermudian team to the SOBC DARAG family. This team brings further expertise and capacity to help grow SOBC DARAG in Bermuda and North America and will benefit from access to our extensive capital resources.”

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