Darag Group Ltd., the Malta-based legacy acquirer, mentioned Wednesday it has agreed to a loss portfolio switch with Pacific Valley Insurance coverage Co., Lyft Inc.’s captive insurer.
Written by Darag Bermuda Ltd., the reinsurance settlement will cowl the captive insurer’s business auto liabilities occurring from Oct. 1, 2018, to Sept. 30, 2020. These liabilities are primarily from an extra layer for insurance policies with a restrict of as much as $1 million per declare, Darag mentioned in an announcement.
The underlying reserves topic to the transaction are estimated to be round $250 million.
The transaction is the fifth accomplished by Darag Bermuda Ltd. inside 12 months.