DARAG Group, an international insurance and reinsurance group that specializes in the assumption of discontinued businesses, has acquired a Guernsey based reinsurance captive.
DARAG said the sale of the captive, which has been in run-off since 2019, is part of a strategic realignment for its cedant owner, which is looking to tighten its business focus. Its key business lines are property damage, business interruption, and public and employers’ liability in the UK.
This is the second transaction for DARAG in Guernsey, which has completed 54 run-off transactions in 21 countries with a value in excess of €1.7 billion.
The transaction is subject to regulatory approval from the Guernsey Financial Services Commission.
Source: DARAG Group
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