DARAG Appoints Stuart Davies as Chairman
DARAG, a leading European run-off insurance company, today announced that Stuart Davies has been appointed Chairman of the Group, effective immediately. Davies succeeds Claus Stenbaek, who will remain on the board as non-executive Deputy Chairman.
Davies is currently an Investment Partner at private equity firm Disruptive Capital, a private equity fund investing in disruptive businesses. In the insurance market, he most recently served as Group CEO of Sompo Canopius and previously was Managing Director of AEGIS London. Davies began his career at Ernst & Young, before proceeding to hold a succession of senior leadership roles in re\insurance.
Stuart Davies said: “DARAG is a market-leading organisation in the field of European non-life run-off business, with unparalleled reach in its core German, French, Italian, Austrian, Scandinavian and Portuguese markets. With ambitious growth plans and a substantial deal pipeline, DARAG is currently in the process of optimising its management structure, including the appointment of a new CEO, to prepare the company for the next stage in its ongoing expansion. I am therefore delighted to be joining this enterprising company and look forward to working with the DARAG team.”
DARAG
DARAG is a specialist run-off insurer that assumes inactive or discontinued business from direct insurers and reinsurers. DARAG relieves these companies from old risks and guarantees professional settlement of claims. The DARAG Group has its origins in the German DARAG Deutsche Versicherungs- und Rückversicherungs-AG. Since 2009, DARAG has signed 23 run-off transactions from 13 countries with a volume in excess of 659m euros. For more information, please visit www.darag.eu.
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