DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announced it has entered into a retrospective quota share reinsurance agreement with Protector Forsikring (“Protector”), a listed Scandinavian insurance company.
DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, is the vehicle for the transaction, which is effective immediately.
DARAG will provide Protector with reinsurance cover for liabilities arising out of the Change of Ownership business underwritten between 1 June 2004 and 31 March 2019. In addition, DARAG will provide cover for all Change of Ownership business underwritten from 1 April 2019 until 30 June 2020.
Tom Booth, CEO of DARAG Group, said: “Scandinavia has always been a core market for DARAG. As we continue with our long-term growth strategy and with our enhanced balance sheet, we have the capital strength and transactional expertise to provide solutions for even the most complex risk portfolios.
We worked hard with Protector to devise an effective solution for their needs. It is therefore my pleasure to announce this transaction today.”
DARAG is a leading international insurance and reinsurance company specialising in the assumption of discontinued business and the provision of capital relief solutions. Building on its strong European roots with a recently announced expansion, through SOBC DARAG, into the US and Bermuda, DARAG has completed 27 run-off transactions in 16 countries with a value in excess of €750m. For more information, please visit: www.darag-group.com