DARAG Group completes Hawaii captive acquisition

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DARAG Group completes Hawaii captive acquisition


DARAG Group completes acquisition of Hawaii company | Insurance business America

It sees the potential of a market in North America

reinsurance

By Jonalyn Cueto

The previous acquirer DARAG Group has completed the takeover of a company based in Hawaii.

The transfer affects a portfolio of workers’ compensation businesses that entered bankruptcy in 2023. They will now be transferred to an existing DARAG entity based in the United States, signifying full legal closure.

Tom Booth, CEO of DARAG, emphasized that interest in tailored legacy solutions is growing in the North American captive market.

“There continues to be interest in the North American captive market for tailored legacy solutions that enable companies or groups of companies to achieve finality of their self-insured liabilities,” he said. “Thanks to DARAG’s onshore infrastructure, we were able to effectively complete this acquisition and we are pleased to be able to further consolidate our leading position in the US self-insurance market.”

Joel Neal, Executive Vice President M&A at DARAG North America, praised the company for its new achievement.

“Our solid track record and established relationships enabled us to move quickly through the acquisition process and obtain regulatory approvals and fronting carrier recommendations within a commendable time frame,” he said. “We thank the Lockton Alternative Risk Practice for their intermediary role in facilitating the successful completion of this transaction.”

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2024-02-02 14:04:05

www.insurancebusinessmag.com