DARAG Group (“DARAG” or “the Group”), a leading legacy acquirer, today announced the conclusion of a Hawaii captive acquisition.
The portfolio of workers compensation business which went into runoff in 2023 will be transferred into an existing US domiciled DARAG entity, thereby offering full legal finality. .
Tom Booth, CEO of DARAG, said: “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. 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, M&A, at DARAG North America, added: “ Our strong historical track record and relationships meant that we could complete the acquisition – including regulatory and fronting carrier approvals – in a highly efficient timeframe. We also thank the Lockton Alternative Risk Practice for its role as the seller’s intermediary, contributing to the successful conclusion of this transaction.”