17 August 2020News

DARAG completes deal with Hallmark Financial Services, hires two in US

DARAG North America has closed the loss portfolio transfer transaction with Hallmark Financial Services within its newly established cornerstone North American insurer, DARAG Bermuda.

DARAG has also acquired a Bermuda class 3A reinsurance company, subject to regulatory approval.

Since the launch of DARAG’s Bermuda operations and its North American deals team, it has completed seven transactions, with assumed subject reserves in excess of $400 million. The transactions include loss portfolio transfers, novations and acquisitions, with counterparties ranging from multinational and US insurers to corporations and captives, DARAG said.

Meanwhile, DARAG North America has also appointed Stuart Brown and Helen Weinstein as chief financial officer and general counsel, respectively. They will both be based in DARAG’s newly established US headquarters in Atlanta, Georgia.

Brown has over 26 years of financial experience, having held a number of CFO-level and other senior finance positions with ACE Group, QBE, COSVI and others, both in the US and internationally. He began his career with CIGNA Insurance, where he held a variety of roles in its international division.

Weinstein joins from Hiscox USA, where she was most recently vice president and senior legal counsel.  Prior to Hiscox USA, Weinstein spent many years in private practice in Atlanta following a federal clerkship.

Tom Booth, chief executive officer of DARAG, described the appointments, the Atlanta office launch and the agreement with Hallmark, as “key milestones in the rapid growth and success of our North American business.”

He added: “DARAG North America has the expertise and the appetite to provide effective capital relief solutions to businesses in both the US and Bermuda, and the first 12-months of operations is a testament to this.”

Daniel Linden, chief executive of DARAG North America, DARAG’s Bermuda and US arm, added: “Current market conditions present significant opportunities for legacy providers, not least in North America.”

More on this story

19 July 2023   CEO Tom Booth sees increased interest in North America.
6 April 2023   The transaction structure is a renewal of a previous novation agreement.
3 January 2023   It has completed a reinsurance agreement worth some $15m with a large US carrier.