Legacy acquirer DARAG Group Limited has announced the conclusion of a transaction with a leading Lloyd’s syndicate to provide reinsurance for a US liability book. The reinsurance will be provided through DARAG’s Maltese risk carrier, DARAG Malta Insurance and Reinsurance PCC.
TigerRisk served as advisors to both parties in the deal, which was concluded by a Lloyd’s syndicate with a legacy provider outside the corporation.
“This transaction is a testimony to DARAG’s continued geographical market expansion and transactional capability,” said Tim Booth, CEO of DARAG Group. “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.”