DARAG has completed the Hallmark Financial Services transaction and the acquisition of a Bermuda class 3A reinsurance company.
13 August 2020 – DARAG, a leading legacy acquirer, today announced its North American division, DARAG North America, has closed the loss portfolio transfer transaction with Hallmark Financial Services within its newly established cornerstone North American insurer, DARAG Bermuda Ltd. DARAG also announces the acquisition, subject to BMA approval, of a Bermuda class 3A reinsurance company.
These transactions cap off a very successful first 12-months for the Bermuda operations established in August 2019. Since the launch of DARAG’s Bermuda operations and its North American deals team, the team has completed seven transactions, with assumed subject reserves in excess of $400mn. The transactions include loss portfolio transfers, novations and acquisitions, with counterparties ranging from multinational and U.S. insurers to corporations and captives.