Legacy acquirer DARAG Group Limited has announced that its acquisition of the Italian portfolio of DONAU Versicherung AG has been approved by the Austrian financial authority, Finanzmarktaufsicht (FMA).
The purchase agreement was initially signed in December 2018, and now, with the approval of the Italian Istituto per la vigilanza sulle assicurazioni, DARGA has successfully transfered a portfolio of Italian non-life business from DONAU Versicherung.
Primarily, the portfolio is made up of Motor Third Party Liability, and the under the transaction, which is a going concern from DONAU to DARAG Italia S.p.A, DONAU’s Italian employees and intermediaries have joined DARAG Italia.
Chief Executive Officer (CEO) of DARAG Italia, Tullio Ferrucci, said: “The transaction with DONAU was a complex one and demonstrated DARAG’s ability, flexibility and local knowledge of Italian re\insurance needs. We are therefore proud to announce the completion of the deal today.”
DARAG Group CEO, Tom Booth added: “DARAG has the size, agility and expertise to deliver effective and capital-efficient solutions to our partners in core markets like Italy. With the completion of our capital raise, we have the scale and ambition to succeed as a truly global legacy provider. With plenty of deals in the pipeline, we are pleased to announce the completion of this transaction.”