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Darag Group Ltd., the Malta-based legacy acquirer, said Wednesday it has agreed to a loss portfolio transfer with Pacific Valley Insurance Co., Lyft Inc.’s captive insurer.
Written through Darag Bermuda Ltd., the reinsurance agreement will cover the captive insurer’s commercial auto liabilities occurring from Oct. 1, 2018, to Sept. 30, 2020. These liabilities are mainly from an excess layer for policies with a limit of up to $1 million per claim, Darag said in a statement.
The underlying reserves subject to the transaction are estimated to be around $250 million.
The transaction is the fifth completed by Darag Bermuda Ltd. within 12 months.
Liberty Mutual Insurance Group will provide coverage for drivers using the Lyft rideshare platforms in Arizona, Michigan, New Mexico, Texas and Utah, the insurer said in a statement Thursday.