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.

• The McDermott team was led by Michael Halsband and Marisa Young and included Kristin Going, John Lutz and Terence McAllister.