Legacy specialist DARAG Group has appointed Ajay Chhabra as Group Head of Capital Management.

The company said Mr Chhabra joins after six years at Aspen where he was most recently head of exposure and performance management. He previously held actuarial and capital modelling roles at Asta, Aspen, Tillinghast and Benfield.

Tom Booth, Group CEO of DARAG, said: “Ajay has a fantastic track record of innovation and problem solving, providing clear and strategic advice across all capital related matters.

“He will be a critical part of an increasingly structured and sophisticated approach to capital planning and internal capital modelling at DARAG, reflective of the Group’s increased size, maturity and growth ambitions.

“DARAG continues to target a highly diversified portfolio of legacy portfolios to enhance its capital efficiency across its main platforms in Bermuda and Germany and across the worldwide Group, thereby increasing further its competitiveness and balance sheet strength.”

He added: “As one of only a few legacy players which executes transactions frequently across Europe and North America, DARAG has built up a substantial, well diversified and medium tail portfolio since its recapitalisation three years ago, reinforced by strong underwriting discipline and expert claims management. Our future growth will be built upon those same foundations.”

Mr Chhabra said: “DARAG benefits from a significant balance sheet, ready access to growth capital and the ability to transact across key territories. It has been building an enviable reputation as a well-resourced global legacy player. I am excited by its ambition and attractive outlook and am looking forward to applying my experience across the capital function.”