Darag Deutsche Versicherungs- und Rückversicherungs-AG, a Malta based insurance company that specializes in taking inactive or discontinued (run-off) businesses from direct insurers and reinsurers, received €260m in equity funding commitment.
Backers included funds under the control of Aleph Capital Partners and Crestview Partners, which will become shareholders alongside existing shareholder Keyhaven Capital Partners.
The company will use the capital to pursue and fulfil its global ambitions in the expanding and maturing global property and casualty (“P&C”) insurance run-off market.
Led by Stuart Davies, Chairman and Tom Booth, CEO, Darag is an international insurance and reinsurance company specializing in the assumption of discontinued business and the provision of capital relief solutions. Since 2009, the company has completed 23 run-off transactions in 15 countries with a value of in excess of €740m.