DARAG has successfully reached a reinsurance agreement with a major insurance company.
The loss portfolio transfer between DARAG Insurance Guernsey Limited (DIGL) and a multinational insurance company (whose identity has not been disclosed) with subject reserves over $100 million has closed. A release said that DIGL is providing economic and operational finality for the counter-party’s US general liability book of business.
TigerRisk served as an advisor to both parties in closing the deal.
“We continue to expand our geographical footprint, illustrated by the completion of this sizeable US transaction underwritten by DIGL. The portfolio will be managed through service agreements between DIGL and our SOBC DARAG operations in the US,” said DARAG CEO Tom Booth.
DARAG has completed 33 run-off transactions in 18 countries, with a value in excess of €1.1 billion.
