European run-off specialist Darag has appointed Tom Booth as group CEO.

Booth most recently served as group CFO at R&Q in Bermuda. Over the last few years, Booth has worked on sourcing and executing North American based legacy transactions, building on his previous experience in the UK and Europe.

Booth joined R&Q nearly a decade ago from Numis Securities where he was corporate finance director, leading the corporate finance team for the non-life insurance sector.

Darag said that Stuart Davies, the former Sompo Canopius CEO who was named executive chairman last year, will continue in his role until the transition is complete and will become non-executive chairman thereafter. He will work with Booth to coordinate the planned significant expansion of Darag.

Commenting on the appointment, Davies said: “Darag is set on global growth, with several key transactions in core and new markets in recent months.

“Tom is the ideal candidate to lead this continued expansion. Darag has an unparalleled level of expertise and is able to provide capital efficient, tailored legacy solutions, no matter the size or complexity of the portfolio.”

Booth remarked: “Darag has an outstanding reputation as one of the market-leading providers of legacy solutions. Legacy is a fast-growing market, with excellent revenue potential and a track record of delivering market-beating returns. Darag’s expert team has deep knowledge and understanding of the global market, and I am honoured to be joining this exciting business as CEO.”