Legacy acquirer DARAG has concluded two transactions with undisclosed North American captive insurance companies.
The first transaction was completed in May, with the second concluded in June 2023.
“Our team has seen increased interest in North America for bespoke legacy solutions that enable insurers to achieve finality for their non-core books of business,” said Tom Booth, CEO of DARAG.
“We are pleased to be able to meet that demand and further develop our relationship with the US self-insured market. These latest transactions demonstrate DARAG’s ongoing commitment to our North American platform.”
The transactions have been written into DARAG Bermuda and offer full legal finality for the US workers’ compensation book of the latter and the US workers’ compensation and automotive liability books of the former.
Joel Neal, executive vice president of M&A at DARAG North America, said: “It has been a busy year for DARAG’s North American platform, and we continue to have a very active pipeline.
“These transactions, alongside the many others we have had in North America, demonstrate the growing demand for the solutions DARAG offers in the region.”
In April DARAG concluded an agreement between an undisclosed Cayman-domiciled captive and its Bermudian insurance carrier, DARAG Bermuda.
The agreement allows the counterparty to release capital back to members of the wider group.