Legacy acquirer DARAG Group has completed the sale of its non-legacy Italian business, DARAG Italia, to NOBIS Compagnia di Assicurazioni.
The sale, first announced in October 2020, will help DARAG to focus exclusively on providing legacy solutions, as it looks to streamline its operations, the firm said.
The relevant policies, distribution agreements and personnel dedicated to the active portfolio in Italy have now been fully transferred to NOBIS.
Going forward, DARAG will maintain operations in Italy to manage its existing Italian book in run-off and potential future legacy portfolios.
“With the completion of this transfer we are demonstrating our focus on legacy and our dedication to streamlining DARAG’s operational efficiency,” said Tom Booth, CEO of DARAG Group.
“We continue to offer legacy solutions to the Italian market through our local operation; part of our overall strategy to offer bespoke localised solutions, backed with regional expertise.”
