Legacy acquirer DARAG has announced that its North American division, DARAG North America, has closed the loss portfolio transfer transaction with Hallmark Financial Services within its newly established cornerstone North America insurer, DARAG Bermuda. DARAG has also announced the acquisition of a Bermuda class 3A reinsurance company, subject to regulatory approval.
Since the launch of DARAG’s Bermuda operations in August 2019, its North American deals team has completed seven transactions, with assumed subject reserves in excess of $400 million. The transactions include loss portfolio transfers, novations and acquisitions, and involved counterparties ranging from multinational and US insurers to corporations and captives.
DARAG North America has also announced the appointments of Stuart Brown and Helen Weinstein as CFO and general counsel, respectively. They will be based in the company’s new US headquarters in Atlanta.
Brown has more than 26 years of financial experience. He has held a number of CFO-level and other senior finance positions with ACE Group, QBE, COSVI and other companies, both in the US and internationally. He began his career at CIGNA Insurance.
Weinstein joins DARAG from Hiscox USA, where she most recently served as vice president and senior legal counsel. Prior to Hiscox USA, Weinstein was in private practice in Atlanta.
“The two senior appointments and our Atlanta office launch, together with the recent loss portfolio transfer agreement with Hallmark Financial Services, are all key milestones in the rapid growth and success of our North America business,” said DARAG CEO Tom Booth. “DARAG North America has the expertise and the appetite to provide effective capital relief solutions to businesses in both the US and Bermuda, and the first 12 months of operations is a testament to this. As our North America team continues to establish our presence and relationships in the local market, we are very excited to welcome Stuart and Helen to DARAG.”
“DARAG North America is marking one year as a consolidated operation, and our profitable and rapid growth is a great testament to the team’s determination,” said Daniel Linden, CEO of DARAG North America. “Current market conditions present significant opportunities for legacy providers, not least in North America. Our local team has been consistently and systematically growing since its consolidation in August 2019. Stuart and Helen are both recognized leaders in their respective fields, and their extensive experience will contribute significantly to the implementation of our long-term expansion in the region. Building on our achievements so far, we will work together closely to implement the next phase of our strategic growth plan in North America.”