DARAG Group Limited has announced the completion of its acquisition of the total shares of Swedish captive insurance company IKANO Försäkring AB, a subsidiary of IKANO Group.
IKANO gains legal and economic finality from this deal in relation to its insurance business, and has already received approval from the Swedish Financial Supervisory Authority (SFSA).
Additionally, IKANO’s non-life business will be integrated into DARAG’s German carrier, and remaining active and life business operations have been transferred to transaction partners who worked closely with both parties.
DARAG is one of Europe’s leading legacy acquirers and relieves insurers and reinsurers from old risks by assuming their inactive or discontinued business.
Stuart Davies, Executive Chairman at DARAG, said: “This transaction is yet another demonstration of DARAG’s track record of providing bespoke legacy products, no matter the size or complexity of the business in question.
“The operational and capital burdens following the implementation of Solvency II are driving companies, for which insurance is non-core to their overall business or strategy, to dispose of elements of their business that drain too much management time, operational resources and capital.
“DARAG offers the expertise, scale and scope to provide the solutions such clients require. We are pleased that we can, once again, show that we are able to bring the right partners together and provide finality for the client.”