DARAG Group (“DARAG” or “the Group”), a leading legacy acquirer, announced the formal completion of the motor Portfolio Transfer Agreement (“PTA”) with French insurer SADA Assurances, a subsidiary wholly owned by the German group DEVK Versicherungen.
DARAG now provides economic and operational finality for a portfolio of all of SADA’s motor business, which comprises French motor third party liability, motor own damage and motor legal protection risks. This agreement is the first publicly disclosed insurance PTA to a run-off player on the French market and demonstrates the increasing interest for legacy solutions in France. It has received regulatory approval from the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) in France and Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”) in Germany.
DARAG also today announced the formal completion of a Loss Portfolio Transfer (“LPT”) followed by a PTA with Insr Insurance Group ASA (“Insr“), an insurance group listed on the Oslo Stock Exchange.
The PTA has been approved by the Norwegian FSA, Finanstilsynet (“NFSA”) and BaFin. All of Insr’s remaining insurance business forms part of this transaction. The portfolio consists mainly of motor, property, casualty and workers’ compensation liabilities from both Norwegian and Danish jurisdictions. The deal sees DARAG providing legal finality of Insr’s insurance liabilities and economic and operational relief.
Tom Booth, CEO of DARAG Group, said: “With the completion of these transfers, we demonstrate again that DARAG is trusted worldwide to provide high quality, reliable legacy solutions for a wide spectrum of clients. We are pleased to be able to broaden our offering to clients as our presence and reputation for providing outstanding service across European and global markets grows.”