Legacy acquirer DARAG Group has announced the completion of a portfolio transfer agreement (PTA) of Danish Workers’ Compensation business from Protector, and the signing of a loss portfolio transfer (LPT) and PTA with another European carrier.
DARAG Deutschland AG, DARAG’s German insurance carrier, completed the PTA of Protector’s Danish Workers’ Compensation portfolio written between 2012 and 2025, with reserves of approximately €120 million.
DARAG also completed a separate LPT just before year-end 2025, with reserves exceeding €120 million, and signed an agreement for a subsequent portfolio transfer. This transaction involved a book of discontinued business written by another major EU carrier.
Tom Booth, CEO of DARAG, said, “The completion of the PTA with Protector, a long-standing client, further demonstrates DARAG’s ability to offer European counterparties legal, operational and economic finality for their legacy portfolios. Scandinavia has been a strong growth area for DARAG and a geography where we have longstanding relationships with expert local third-party administrators as well as a highly experienced local claims portfolio manager.
“The completion of the other sizeable LPT at the end of December is a fitting end to a strong year of trading for DARAG overall with a record volume of new business transacted by the Group in the European market.”
With the assistance of Howden Re, DARAG also partnered with specialist reinsurance capital to manage some of its aggregate exposure and optimise capital allocation.
Booth added, “It is especially pleasing to report that as well as expecting to deliver a good profit for the year, DARAG’s solvency ratio is expected to close at a record high level, underpinning our ability to continue our growth in 2026 and beyond.”
DARAG’s most recent deals include DARAG Deutschland AG completing an LPT with a European carrier at the end of May 2025, which will be followed by a portfolio transfer with the carrier.
In April, DARAG Deutschland AG entered into a PTA with Protector Forsikring ASA for its entire Danish Workers’ Compensation portfolio.
In March, DARAG announced an LPT agreement with UK-based insurer Soteria Insurance Limited (SIL), formerly the underwriting arm of the Co-operative Group.
