DARAG, the Malta-based legacy acquirer, announced that Tom Booth has been appointed DARAG group CEO, effective July 23, to lead global expansion.
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.
Until recently, Booth served as group CFO of Randall & Quilter Investment Holdings (R&Q) in Bermuda. Over the last few years, he has spent a significant amount of time sourcing and executing North American-based legacy transactions, building on his previous experience in the UK and Europe. Booth joined R&Q from Numis Securities, where, as corporate finance director, he headed the corporate finance team for the non-life insurance sector.
“DARAG is set on global growth, with several key transactions in core and new markets in recent months,” said Davies. “Tom is the ideal candidate to lead this continued expansion.”
Booth commented: “DARAG has an outstanding reputation as one of the market-leading providers of legacy solutions. Legacy is a fast-growing market, with excellent revenue potential and a track record of delivering market-beating returns. DARAG’s expert team has deep knowledge and understanding of the global market, and I am honoured to be joining this exciting business as CEO.”
Since 2009, DARAG has signed 26 run-off transactions in 15 countries with a value of in excess of €740 million ($860.9 million).
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