Legacy acquirer DARAG Group Limited has announced the completion of its portfolio transfer deal with German insurer and reinsurer, SOVAG.
The deal, which was first announced in August 2019, sees the portfolio transferred to DARAG’s German subsidiary, DARAG Versicherungs- und Ruckversicherungs-AG.
The legacy book consisted of both direct insurance and inwards reinsurance, and included European and international business.
Tom Booth, CEO of DARAG Group, said: “Europe is a core market for DARAG as we continue to build out our global platform,” commented Tom Booth, CEO of DARAG Group.
“In 2019, DARAG has completed a series of legacy transactions and a significant capital upscaling of the business and we are set to deliver another fantastic year in 2020,” he continued.
“SOVAG were a consummately professional partner for this transaction. I am therefore very pleased to announce the completion of this deal today.”
Arndt Gossmann, Chairman of the Executive Board of SOVAG, further stated: “A swift and efficient approval process is foundational in all such transactions. DARAG’s professionalism, proactivity and results driven approach ensured just that.
“I appreciate the outstanding efforts of all involved parties that enabled us to successfully complete the restructuring of SOVAG before the end of the year,” Grossmann added.