DARAG Group, a (re)insurance specialist in discontinued business and capital and operational relief, has entered into a service agreement with UnipolSai Assicurazioni S.p.A. (Unipol), an Italian insurer within the Unipol Group.
Unipol is a major player in non-life insurance and motor vehicle third-party liability (TPL) in Italy.
Under this agreement, DARAG Deutschland AG (DAG) will handle and manage all non-proportional open claims from the runoff of Unipol Re, which was integrated into UnipolSai on 30 December 2023.
Tom Booth, CEO of DARAG, commented: “This deal represents an important milestone in the expansion of DARAG’s services. It is a natural development of our business model whereby we offer our unique local claims expertise in Europe to strategic clients, in the process generating valuable fee based revenue.
“This offering adds to our tailor-made solutions for each client, offering pure operational relief or as a precursor to a more traditional legacy solution, whereby we acquire the portfolio as principal.
“We have established an excellent relationship with Unipol and I am delighted that our unparalleled reputation in the European market has contributed to their trust in us for managing a part of their runoff reinsurance claims, as well as TPA relationships. It is especially pleasing that our first major claims servicing contract is with such a significant sized and well-respected insurance group in Italy, one of our key territories. The Group remains increasingly confident in its future prospects as its focus pivots increasingly back to its roots in Continental Europe and it makes strong progress on executing its pipeline of attractive portfolio acquisition opportunities.”
This contract marks DARAG’s initial foray into outsourced service contracts, leveraging its expertise in claims management across Continental Europe. It also represents one of the first instances of utilising an outsourced legacy claims administrator in the Italian insurance sector.
