DARAG ‹ Press Releases

Sep

2019

DARAG appoints Andrew Hill as COO

Posted on 23rd September 2019 by Mazin Shammas and has No comment

DARAG, the leading legacy acquirer, today announces that Andrew Hill is joining DARAG as Group COO, based in London, effective from October 15, subject to regulatory approval. Hill joins DARAG from Zurich Insurance Company Ltd., where he has led the Legacy Solutions’ Restructuring team in North […]

Sep

2019

SOBC DARAG acquires New Mexico P&C Insurance Company

Posted on 10th September 2019 by Mazin Shammas and has No comment

SOBC DARAG today announced that it has acquired New Mexico P&C Insurance Company in full, effective 1 September 2019. SOBC DARAG has received approvals from New Mexico OSI and Florida OIR for the transaction. It is the latest in a series of deals completed by SOBC […]

Aug

2019

DARAG appoints James Insley as CFO

Posted on 21st August 2019 by Mazin Shammas and has No comment

DARAG, the leading legacy acquirer, today announces that James Insley has joined DARAG as Group CFO, reporting to Tom Booth, CEO, pending regulatory approval. The appointment is effective September 2, 2019. James Halley, current Group CFO, who during his time at DARAG assisted the completion of […]

Aug

2019

DARAG consolidates German business with SOVAG deal

Posted on 5th August 2019 by Mazin Shammas and has No comment

DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announces it has signed a Portfolio Transfer Agreement with German re/insurer SCHWARZMEER UND OSTSEE Versicherungsaktiengesellschaft (“SOVAG”). The legacy portfolio will be transferred to DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, subject to regulatory approval from […]

Aug

2019

SOBC DARAG launches Bermuda office with senior appointments

Posted on 1st August 2019 by Mazin Shammas and has No comment

SOBC DARAG today announces the launch of its new office in Bermuda in a significant expansion of its US and Bermudian operations. SOBC DARAG’s new Bermudian subsidiary will be fully operational from August 1. The Bermuda team will provide a full suite of finality solutions to […]

Jul

2019

DARAG expands UK operation with acquisition of The Underwriter

Posted on 22nd July 2019 by Gavin Warren and has No comment

DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announced the acquisition of The Underwriter Insurance Company Limited (“The Underwriter”), a UK-based insurer in run-off. The transaction will be completed through DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, DARAG’s German carrier, and is subject to regulatory approval. The […]

Jul

2019

DARAG announces retrospective quota share reinsurance agreement with Protector Forsikring

Posted on 16th July 2019 by Gavin Warren and has No comment

DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announced it has entered into a retrospective quota share reinsurance agreement with Protector Forsikring (“Protector”), a listed Scandinavian insurance company. DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, is the vehicle for the transaction, which is […]

Jul

2019

SOBC DARAG acquires Innovative Physicians Solutions RRG

Posted on 3rd July 2019 by Mazin Shammas and has No comment

SOBC DARAG today announced that it has acquired Innovative Physicians Solutions RRG in full, effective 1st July 2019. SOBC DARAG has received Vermont DFS’s approval for the transaction. Mark Tabler, the current COO of IPS, will transfer to SOBC DARAG after the sale to help with […]

Jun

2019

Peachtree Casualty Insurance Company completes its first assumption of legacy business, looks to complete more in 2019

Posted on 24th June 2019 by Gavin Warren and has No comment

Peachtree Casualty Insurance Company (“Peachtree”) has completed its first assumption of legacy liabilities since it was acquired by SOBC DARAG in November 2018. Stephanie Mocatta, CEO of SOBC DARAG said: “We are delighted to have completed this Assumption of a block of legacy business. Since we […]

May

2019

DARAG completes acquisition of DONAU Versicherung AG’s Italian portfolio after having received regulatory approval

Posted on 3rd May 2019 by Mazin Shammas and has No comment

DARAG Group Limited, a leading legacy acquirer, announced on 3rd May 2019, that the Austrian financial authority, Finanzmarktaufsicht (FMA), approved the acquisition of the Italian portfolio of DONAU Versicherung AG. The purchase agreement was signed in December 2018. With the consent of the Italian Istituto per […]

Jan

2019

DARAG announces transaction with DONAU Versicherung AG

Posted on 22nd January 2019 by Mazin Shammas and has No comment

DARAG Group Limited, a leading legacy acquirer, today announced it has agreed to purchase a portfolio of Italian non-life business, consisting primarily of Motor Third Party Liability from DONAU Versicherung AG (“DONAU”). The transaction is subject to approval by the relevant local authorities. The transaction comprises […]

Nov

2018

DARAG Guernsey acquires SOBC Services and agrees to acquire four US carriers and a Bermuda-based cell, subject to change of control approval

Posted on 20th November 2018 by Mazin Shammas and has No comment

Further to the announcement in July regarding the joint venture between DARAG and SOBC, we are delighted to announce that DARAG Guernsey via its wholly owned subsidiary, SOBC DARAG Holdings Ltd has now acquired the entire share capital of SOBC Services. SOBC Services is focused on […]

Nov

2018

SOBC DARAG completes its first US acquisition

Posted on 5th November 2018 by Mazin Shammas and has No comment

SOBC DARAG, the joint venture formed between SOBC, the US-based run-off specialist and DARAG, the leading legacy acquirer, is pleased to announce the completion of its first acquisition; Peachtree Casualty Insurance Company (“Peachtree”). The acquisition of Florida-based Peachtree was completed after receipt of Florida Office of […]

Aug

2018

DARAG continues strategic expansion with appointment of James Halley as Group CFO

Posted on 16th August 2018 by Mazin Shammas and has No comment

DARAG, the leading legacy acquirer, today announces that James Halley has been appointed Group CFO, effective 3rd September and pending regulatory approval. Halley’s appointment is part of an ongoing strategic upscaling. It follows the appointment of Tom Booth as CEO and the completion of a €U260m […]

Aug

2018

DARAG announces joint venture, SOBC DARAG, to assist US market expansion and makes first US acquisition

Posted on 13th August 2018 by Gavin Warren and has No comment

DARAG, the leading legacy acquirer, and SOBC, the US-based run-off specialist, today announce the formation of a joint venture, SOBC DARAG, in Delaware, to support DARAG’s expansion into the US and Bermuda/Caribbean run-off markets. The joint venture combines the experience and strong capital access of DARAG […]

Jul

2018

DARAG announces €260 million equity funding commitment in support of global growth plans

Posted on 30th July 2018 by Mazin Shammas and has No comment

DARAG, a leading legacy acquirer owned by Keyhaven Capital Partners, announces an equity funding of up to €260 million to support growth plans for the business. Funding is provided by Aleph Capital and Crestview Partners. Aleph and Crestview’s capital commitment follows a period of significant strategic […]

Jul

2018

DARAG appoints Tom Booth as Group CEO to lead global expansion

Posted on 2nd July 2018 by Mazin Shammas and has No comment

DARAG, the leading legacy acquirer, today announced that Tom Booth has been appointed DARAG Group CEO, effective 23 July. Stuart Davies will remain executive chairman until the transition is complete and become non-executive chairman thereafter, working with Booth to coordinate the planned significant expansion of DARAG. […]

May

2018

DARAG announces first transaction with New Nordic Advisors

Posted on 14th May 2018 by Mazin Shammas and has No comment

DARAG, a leading legacy acquirer, announces its first transaction with New Nordic Advisors (“New Nordic”), following the recent formation of a strategic partnership. The transaction sees DARAG and New Nordic acquire two portfolios of Qudos Insurance A/S, the control of which New Nordic acquired in 2017 […]

Mar

2018

DARAG announces formation of strategic partnership with New Nordic Advisors

Posted on 26th March 2018 by Mazin Shammas and has No comment

DARAG, a leading European legacy acquirer, and New Nordic Advisors (“New Nordic”), a London-based investment management company, today announced the formation of a strategic partnership. DARAG and New Nordic will join forces in a number of project areas, including the provision of legacy, active business and […]

Mar

2018

DARAG announces completion of landmark IKANO Försäkring AB transaction

Posted on 6th March 2018 by Mazin Shammas and has No comment

DARAG Group Limited, a leading European legacy acquirer, today announced the closing of its acquisition of IKANO Försäkring AB (“IKANO”), the Sweden-based insurance company. The transaction provides the owner of the Swedish insurer with legal and economic finality in relation to all its insurance business and […]

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