Legacy acquirer DARAG’s German insurance carrier, DARAG Deutschland AG, has signed a Loss Portfolio Transfer (LPT) followed by a Portfolio Transfer (PTA) with Insr Insurance Group ASA (Insr).
Insr is an insurance group listed on the Oslo Stock Exchange and all of its remaining insurance business will form part of this proposed transaction.
The portfolio consists mainly of motor, property, casualty and workers’ compensation liabilities from both Norwegian and Danish jurisdictions.
The deal will see DARAG provide legal finality of all Insr’s insurance liabilities before the end of the 2021, but economic relief as of LPT signing.
Tom Booth, CEO of DARAG Group, said, “We are pleased to support Insr as it moves to eliminate its insurance risk. DARAG offers the necessary transaction security and strength of reputation to maintain the utmost quality of service for clients for the remainder of their policies.
“Our track record of successful transactions makes us the natural choice to assume all operational and financial obligations of Insr’s discontinued portfolio and to continue servicing its needs.”
Alexander Roth, CEO of DARAG Europe, noted, “This agreement demonstrates clearly again that DARAG is trusted worldwide to provide high quality, reliable legacy solutions for a wide spectrum of clients.
“We are particularly pleased to have once again achieved a successful outcome for a client in the Nordics region where we continue to expand our footprint.”
Niclas Ward, CEO of Insr, commented, “From Insr´s point of view, we are pleased to have reached this agreement with DARAG.
“This secures an orderly exit from the insurance business for Insr, and we are very satisfied to have DARAG as a counterparty, that has a proven track record in the legacy business. We will now focus on a smooth transition of the business to DARAG. In addition, we will review if there is any opportunity for the remains of Insr to continue in one form or another.”
