DARAG completes sale of Bermuda unit

Legacy captive insurer DARAG Group has completed the sale of its Bermuda and North American operations to rival legacy insurer The RiverStone Group, 

following regulatory approval.

The sale, announced in August, will enable RiverStone to increase its market visibility in the North American and Bermuda markets while enabling DARAG to focus on its European business. 

Terms were not disclosed. 

“We are pleased to complete this transaction, which simplifies DARAG’s operations," said Tom Booth (pictured left), chief executive officer of DARAG. "It allows the Group to focus on its core European business, and brings additional capital to execute a strong pipeline of European transactions, several of which are in advanced stages of negotiation. 

"We will now be bringing firepower to our European core where our strong, well capitalised niche position and good market conditions provide an excellent outlook.“

RiverStone is a unit of Canadian insurance group Fairfax Financial and has $2.5 billion in assets. 

Bob Sampson (pictured right), president of RiverStone, said at the time the acquisition was announced that it would boost its market visibility in several North America insurance segments. 

"We are thrilled to integrate DARAG’s North American team into our dynamic fold," he said then. "It will bring additional talent to RiverStone’s highly experienced teams, support our unparalleled reputation, and continue to build on the success we have each created in the legacy and captive insurance markets." 

DARAG was advised by PJT Partners and Nomura as lead financial advisers, RBC as financial adviser, and Proskauer Rose LLP as legal adviser. RiverStone’s legal advisors were Norton Rose Fulbright US LLP.

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