Legacy acquirer DARAG has concluded the transfer of reinsurance business with Axeria Re, part of the April Group, and the original insurer domiciled in France.
The conclusion of this reinsurance transaction delivers economic, operational, and legal effect to Maltese reinsurance company, Axeria Re.
The deal will be conducted via DARAG Malta Insurance and Reinsurance PCC Limited, while reinsurance broker Guy Carpenter’s French operation served as sell-side advisors.
Axeria Re, which has been a subsidiary of April Group since 2008, is located in Malta and designed reinsurance and risk programmes. The original cedant for this transaction is a French insurer with a specialist focus in P&C, motor fleets, and D&O liability insurance.
DARAG’s Chief Executive Officer (CEO), Tom Booth, commented: “Axeria Re was looking to achieve finality for their exposures while maintaining the solemn promise to their reinsureds. We were able to offer a clean, efficient and advantageous exit for Axeria Re while guaranteeing the highest level of service to their cedants. It was a pleasure to work with the resolutely professional team of Axeria Re and the original cedant.
“DARAG continues to strengthen our European operations and this transfer of reinsurance business has further demonstrated how our diversified capital relief instruments can support insurers’ and reinsurers’ strategic priorities. We are very pleased to be able to assist Axeria Re, and we look forward to announcing further deals in the near future.”
