DARAG Group Renews Agreement with Cayman Captive Insurer

DARAG Group, a prominent player in the legacy acquisition industry, has announced the finalization of an agreement involving an unnamed Cayman-based captive insurer and its Bermudian insurer, DARAG Bermuda Ltd (DBL).

This deal represents a continuation of a prior novation agreement, with DBL taking on additional policy years. By entering into this arrangement, the counterparty can release capital to members of the broader group. As a result, the captive achieves complete legal finality for its workers compensation, general liability, and auto liability portfolios for the extended policy period.

Tom Booth, CEO of DARAG, commented, "DARAG's exceptional track record as a trusted partner in servicing small to midsized captive and self-insured portfolios in North America is a testament to our expertise in this niche market."

Joel Neal, executive vice president of mergers and acquisitions at DARAG North America, said, "It's a pleasure to renew this business with our Cayman-based partner. In doing so, we are enabling them to concentrate on their primary business operations and underwriting profitability, freeing up trapped capital and improving efficiency. Our pipeline for 2023 exceeds expectations and we look forward to announcing further transactions."