Log In

Reset Password

New novation agreement with Cayman reinsurer for legacy acquirer

Legacy (re)insurer acquirer, DARAG, today announced the conclusion of the second novation agreement with a leading Cayman reinsurer to provide finality for its US liability books.

The transaction has been written into DARAG Bermuda Ltd. and is the second completed novation with this Cayman based reinsurer for newer years.

DARAG Bermuda will provide legal, economic and operational finality for the counterparty’s US workers’ compensation, general liability, auto liability and product liability books of business.

Daniel Linden, CEO of DARAG’s Bermuda and US arm, DARAG North America, said: “Our team has worked closely with our client to ensure that their strategic goals are achieved with this transaction.

“The completion of the deal provides the company with a clean economic exit and certainty about future development. We are very pleased to have been able to support such an established counterparty and demonstrate DARAG’s expertise as a favoured legacy acquirer for both counterparties and fronting carriers alike.

“Our established relationship has created an opportunity for repeated business with this reputable counterparty. We look to continue this relationship going forward and assist this Cayman reinsurer with their legacy needs into the future.”

Tom Booth, Group CEO, commented: “DARAG has completed a number of ‘repeat’ transactions with counterparties since our recapitalisation three years ago. This is testament to our fair and competitive pricing, transparent and streamlined processes and emphasis on client partnerships pre and post deal. I am delighted to be able to announce yet another completed transaction to end a very active Q4 for DARAG.”

Dan Linden, CPA, CFAChief Executive Officer at DARAG North America (File photograph)

You must be Registered or to post comment or to vote.

Published December 31, 2021 at 11:34 am (Updated December 31, 2021 at 11:34 am)

New novation agreement with Cayman reinsurer for legacy acquirer

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon