McDermott Represents DARAG in Legacy Liability Reinsurance Transaction with Lyft Inc.’s Captive Insurer
International law firm McDermott Will & Emery represented DARAG Group Limited (DARAG), a leading legacy acquirer, in its loss portfolio reinsurance transaction (LPT) with Pacific Valley Insurance Company (PVIC), Lyft Inc’s captive insurance company. The LPT, written through DARAG Bermuda Ltd, transferred approximately $250 million of PVIC’s legacy commercial auto liabilities for the period October 1, 2018 through September 30, 2020.
Completed on May 5, 2021.
The transaction brings economic finality to Lyft on this block of legacy business.
This transaction is the second legacy LPT McDermott Will & Emery has acted as legal advisor to DARAG, following an earlier legacy solution for a US retailer at the end of 2020.