SOBC DARAG has announced its new office in Bermuda as it expands its US and Bermudian operations.

It is owned by DARAG Group investors, and is the principal vehicle for North American legacy transactions.

It said the Bermuda team will provide “a full suite of finality solutions to clients, including the acquisition of insurance entities in run-off, assumptions, novations and retrospective reinsurance”.

Dan Linden has joined as head of the Bermuda office. Joel Neal, Ryan Heyrana and Lucy Foster have also joined as executive vice-president, vice-president and financial controller/ captive manager, respectively.

Tom Booth, chief executive officer at DARAG Group, said: “I am delighted to welcome the new Bermudian team. This team brings further expertise and capacity to help grow SOBC DARAG in Bermuda and North America and will benefit from access to our extensive capital resources”.