R&Q, a distressed legacy acquirer that was managing circa $1bn in reserves at the end of 2023, entered liquidation in June, after years of heavy legacy deteriorations and delays to the sale of its profitable fronting arm Accredited.
In August, Darag announced a deal to offload its North America and Bermuda entities to focus on its European operations. Darag Bermuda had also been hit by heavy losses in recent years, although it posted a profit in 2023.
With those exits came growth opportunities for other legacy acquirers. Fairfax Financial-owned RiverStone Group will acquire Darag’s North American and Bermuda units, with the deal expected to close by the end of 2024. At the end of 2023, Darag Bermuda had $56.9mn in reserves under management.
