Legacy insurance acquirer DARAG Group has named Theo Wilkes as its new chief financial officer.
Wilkes, who joined the company in June 2024, will be based in London. He brings more than two decades of experience in the insurance sector, having worked across both active and run-off markets. Before joining DARAG, he spent 14 years at Enstar Group in Bermuda, where he held the position of group controller.
He also served as CFO of StarStone’s European operations and was head of UK finance. Earlier in his career, Wilkes worked at Littlejohn Frazer, focusing on audits of Lloyd’s syndicates.
The firm also announced changes to the executive board of DARAG Deutschland AG (DARAG AG), promoting Till Wagner and Felix Rollin to board-level roles.
At DARAG AG, Wagner has led the M&A Europe division since 2023. Before joining the company, he was managing director at Guy Carpenter for seven years.
Rollin, meanwhile, has been with DARAG AG since 2011, where he has held responsibilities as group general counsel and group chief compliance officer.
With these promotions, the DARAG board now includes:
DARAG CEO Tom Booth said the company continues to benefit from its capital strength in Germany and its claims management capabilities across the region.
In March, DARAG entered into an agreement with Soteria Insurance Ltd. (SIL) for a loss portfolio transfer involving a portfolio of UK commercial policies in run-off.
The transaction is structured to transfer the liabilities to DARAG Deutschland AG through reinsurance, with a subsequent Part VII transfer of the portfolio to DARAG Insurance UK Ltd. planned, subject to regulatory approvals.
Earlier this year, DARAG and wefox Insurance AG also announced the transfer of a run-off portfolio. The transaction includes motor damage and third-party liability, private liability, and property business across Germany, Italy, and Switzerland.
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