DARAG Group completes Hawaii captive acquisition
DARAG Group completes Hawaii captive acquisition | Insurance Business America
Reinsurance
DARAG Group completes Hawaii captive acquisition
It eyes potential of a market in North America
Reinsurance
By
Jonalyn Cueto
Legacy acquirer DARAG Group has completed the acquisition of a Hawaii-based captive.
The transfer involves a portfolio of workers’ compensation business that entered runoff in 2023. It will now shift to an existing DARAG entity domiciled in the United States, providing complete legal closure.
Tom Booth, CEO of DARAG, emphasized there is growing interest for bespoke legacy solutions in the North American captive market.
“There is continued interest in the North American captive market for bespoke legacy solutions that enable companies or groups of companies to achieve finality for their self-insured liabilities,” he said. “DARAG’s onshore infrastructure enabled us to complete this acquisition effectively and we are pleased to be able to consolidate further our leading position within the US self-insured market.”
Joel Neal, executive vice president of M&A at DARAG North America, commended the company on its new achievement.
“Our solid track record and established relationships enabled us to swiftly navigate through the acquisition process, securing regulatory approvals and fronting carrier endorsements within a commendable timeframe,” he said. “We extend gratitude to Lockton Alternative Risk Practice for their intermediary role in facilitating the successful conclusion of this transaction.”
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