Release Date: 05 May 2021
DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announces it has executed a reinsurance transaction (‘LPT’) with Pacific Valley Insurance Company (“PVIC”), Lyft Inc’s (“Lyft”) captive insurance company. The LPT, written through DARAG Bermuda Ltd, covers PVIC’s commercial auto liabilities (predominantly from an excess layer for policies with a limit of up to $1m per claim) occurring from October 1, 2018 through September 30, 2020.
The underlying reserves subject to the transaction are estimated to be approximately $250mm. This transaction delivers economic finality to Lyft while bringing together the experience and know-how of the Lyft and DARAG claims teams for oversight of the legacy risk management.
