Legacy acquirer DARAG Group has completed two undisclosed captive legacy transactions in Bermuda and the Cayman Islands.
Each portfolio insured workers compensation, general liability and auto liability exposure.
The first transaction involved a Bermuda-domiciled captive for insured risks through to 2016 and was completed at the end of 2023.
The second was an undisclosed Cayman-domiciled captive for insured risks through 2015 and was concluded in early 2024.
“Completing these transactions is an excellent way to begin 2024,” said Tom Booth, CEO of DARAG.
“They demonstrate the busy year DARAG North America has had and show that there is increased interest for bespoke legacy solutions that enable insurers to achieve finality for their books of business.”
Both transactions were executed by way of novation with the captives and their respective fronting carrier.
Earlier this month, DARAG acquired a Hawaii-domiciled captive carrying a portfolio of workers’ compensation business.
In October, DARAG concluded a novation agreement between an undisclosed Benelux based captive, the captive’s policyholder and DARAG’s German insurance carrier DARAG Deutschland AG.
In July, it was announced that DARAG had concluded two transactions with undisclosed North American captive insurance companies.
“Agreements like these are vital in supporting our clients, allowing our counterparties to release capital, achieve full legal finality and operate more efficiently,” said Joel Neal, executive vice president, M&A, at DARAG North America.
“The conclusion of these deals also shows the continuation of a successful partnership with Guy Carpenter’s captive segment, who advised both sellers.”