DARAG completes deals with SADA and Insr Norway
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.”
DARAG announces Loss Portfolio Agreement with Insr Norway
DARAG Group (“DARAG”), a leading legacy acquirer, announces that following a competitive process, its German insurance carrier DARAG Deutschland AG has signed a Loss Portfolio Transfer (“LPT”) followed by a Portfolio Transfer (“PTA”) with Insr Insurance Group ASA (“Insr”), an insurance group listed on the Oslo Stock Exchange (“OSE”)All of Insr’s remaining insurance business will form part of this proposed transaction. The portfolio consists mainly of motor, property, casualty and workers’ compensation liabilities from both Norwegian and Danish jurisdictions. The deal will see DARAG provide legal finality of all Insr’s insurance liabilities before the end of the 2021, but economic relief as of LPT signing.Tom Booth, CEO of DARAG Group, said: “We are pleased to support Insr as it moves to eliminate its insurance risk. DARAG offers the necessary transaction security and strength of reputation to maintain the utmost quality of service for clients for the remainder of their policies. Our track record of successful transactions makes us the natural choice to assume all operational and financial obligations of Insr’s discontinued portfolio and to continue servicing its needs.”Alexander Roth, Chief Executive Officer of DARAG Europe, said: “This agreement demonstrates clearly again that DARAG is trusted worldwide to provide high quality, reliable legacy solutions for a wide spectrum of clients. We are particularly pleased to have once again achieved a successful outcome for a client in the Nordics region where we continue to expand our footprint.”Niclas Ward, CEO of Insr, commented “From Insr´s point of view, we are pleased to have reached this agreement with DARAG. This secures an orderly exit from the insurance business for Insr, and we are very satisfied to have DARAG as a counterparty, that has a proven track record in the legacy business. We will now focus on a smooth transition of the business to DARAG. In addition, we will review if there is any opportunity for the remains of Insr to continue in one form or another.”The PTA is subject to approval by the Norwegian FSA, Finanstilsynet (“NFSA”) and Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”) while the LPT comes into immediate effect.