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 motor portfolio transfer agreement with SADA
• DARAG Group announces a portfolio transfer of Motor Third Party Liability, Motor Own Damage and Motor Legal Protection risks with the company SADA Assurances
• SADA Assurances consolidates its real estate expertiseDARAG Group, a leading legacy acquirer, today announced that its German insurance carrier DARAG Deutschland AG has signed an agreement for a portfolio transfer with French insurer SADA Assurances, a subsidiary wholly owned by the German Group DEVK Versicherungen.DARAG will be providing 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 portfolio transfer to a run-off player on the French market and demonstrates the increasing interest in France for legacy solutions.Tom Booth, Group CEO, said: “DARAG is pleased to partner with SADA to support their recent shift in focus to property business and broaden our own portfolio. We are able to provide SADA with the necessary transaction security and strong reputation to maintain the utmost quality of service, which was particularly important given the long and distinguished history of this business, created initially in 1967.””We are also delighted to transfer our motor insurance policies to the DARAG Group, which will be able to ensure professionalism in the management of contracts and thus maintain the operational excellence provided to policyholders.With this portfolio transfer, we are pursuing, from an operational perspective, our Performance 2024 business plan along with our strategic orientations. As announced to all our broker partners at the end of 2018, SADA Assurances is refocusing on its core expertise: Real Estate. Thereby, we are reaffirming our desire to focus our creativity and investments on the latter in order to meet the needs of real estate professionals and our broker partners,” says André Hess, Chairman of the Management Board of SADA Assurances.Alex Roth, CEO of DARAG Deutschland AG, commented: “Along with our broader European business, our presence and expertise in the French market has been growing significantly in recent years, as our reputation for providing forward thinking solutions to our partners increases. This agreement demonstrates once again the trust that they have in us, as we offer them the reassurance of dealing with a carrier that has an outstanding reputation for legacy solutions.”The transaction is subject to regulatory approval by ACPR and BaFin.