Run-off specialist DARAG is set to acquire Ikano Försäkring AB, a Stockholm-based European captive insurer and member of the Ikano Group – an international group of companies operating in finance, insurance, production, real estate and retail.
DARAG has chosen not to reveal details of the transaction costs – the share purchase agreement remains subject to the Swedish Financial Supervisory Authority (SFSA) in Stockholm.
“This transaction, is a great beginning to a very promising year”, said Zsolt Szalkai, Group Chief Liability Officer.
“We firmly believe that the legacy market in Europe will reach new heights in 2017,as the (re)insurance industry continues to acknowledge run-off solutions as a natural element of the insurance life cycle, one that helps them reduce costs, manage volatility and achieve capital efficiencies,” he added.
The deal gives Ikano’s insurance business further legal and economic finality and brings DARAG’s signed agreements up to 24 across 13 countries.