Legacy acquirer DARAG Group Limited has entered into a retrospective quota share reinsurance agreement with Scandinavian insurer Protector Forsikring.
As per the deal, DARAG will provide Protector with reinsurance on liabilities arising from the Change of Ownership business underwritten between 1 June 2004 and 31 March 2019.
DARAG will also provide cover for all Change of Ownership business underwritten from 1 April 2019 until 30 June 2020.
DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, DARAG’s German risk carrier, is the vehicle for the transaction, which is effective immediately.
“Scandinavia has always been a core market for DARAG,” said Tom Booth, Chief Executive Officer of DARAG Group.
“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,” he added. “It is therefore my pleasure to announce this transaction today.”
