German legacy acquirer Darag has confirmed the appointment of former R&Q finance boss Tom Booth as its next CEO.

Booth’s hire was first revealed by re-Insurance.com in April. The soon-to-be Darag boss was most recently at rival run-off specialist R&Q where he served as chief financial officer until January this year.

He was tipped to take the top job at the UK-listed firm, replacing one of its founders Ken Randall who had planned to step back and into the role of executive chairman. But in a shock announcement in January, R&Q said Booth would be leaving to “pursue alternative opportunities”.

He will begin in his new role 23 July.

Darag’s current executive chairman Stuart Davies will hand over the reins to Booth, stepping into a non-executive role following a transition period.

Booth spent the best part of a decade at R&Q, based in Bermuda.

Before that he was at Numis Securities, where he headed the corporate finance team for the non-life insurance sector.

“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,” Davies said.

“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,” he added.

Darag has an outstanding reputation as one of the market-leading providers of legacy solutions,” Booth said.

“Legacy is a fast-growing market, with excellent revenue potential and a track record of delivering market-beating returns,” Booth went on.

“Darag expert team has deep knowledge and understanding of the global market, and I am honoured to be joining this exciting business as CEO.”