DARAG concludes reinsurance transaction with Lloyd’s syndicate

DARAG Group (DARAG), a legacy acquirer, has concluded a transaction with a Lloyd’s syndicate to provide reinsurance for a US liability book. The reinsurance will be provided via DARAG’s Maltese risk carrier, DARAG Malta Insurance and Reinsurance.

DARAG said the deal, concluded by a Lloyd’s Syndicate with a legacy provider outside of the corporation, will provide economic and operational finality. TigerRisk served as advisors to both parties in concluding the agreement.

Tom Booth, CEO of DARAG Group, said: “This transaction is a testimony to DARAG’s continued geographical market expansion and transactional capability. We are delighted to have been able to assist one of the leading Lloyd’s businesses, with a clean exit from some of its discontinued US business.

“As the need to improve operational efficiency and underwriting profitability at Lloyd’s continues, we expect an increase in such transactions and hope that we and the rest of the legacy market can provide attractive solutions to benefit the market. I look forward to announcing more transactions in the near future.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

​​Lloyd’s PMD Jon Hancock to step down this year as new CHRO unveiled
Blackstone recruits global head of Blackstone Insurance Solutions
Chubb estimates Q4 2019 global net cat loss at $430m pre-tax
Sellek resigns as R&Q executive director and joint CEO
HCI Group Insurance subsidiary to acquire policies from P&C insurer Anchor
Ed Bermuda continues expansion with divisional head hire
Tysers invests in Helix Underwriting Partners
Arc Legal appoints new commercial director

Don't miss our insurtech email newsletter - sign up today