Legacy acquirer DARAG Group Limited has announced the signing of a retrospective quota share reinsurance agreement with Protector Forsikring ASA.
DARAG Deutschland AG (DAG), DARAG’s German risk carrier, will be the vehicle for the transaction and assume booked reserves in excess of €180 million.
Once the deal completes, DARAG will provide Protector, a multinational general insurance company listed on the Oslo Stock Exchange, with reinsurance coverage for its workers’ compensation book, underwritten in Norway and Denmark.
Tom Booth, Group Chief Executive Officer (CEO) of DARAG, commented: “DARAG has undertaken a major expansion over the past 2-3 years into new markets but Scandinavia remains a key focus for our European business.
“This is the second transaction with our valued partners at Protector and is testimony to DARAG’s ability to handle multinational portfolios for listed companies, as well as our sixth major deal in the Nordic countries. We are very pleased to announce this reinsurance agreement with Protector and we look forward to announcing further transactions in the near future.”
Alexander Roth, Group Chief Strategy Officer and CEO of DAG, added: “We are very glad to once again work with our longstanding partners at Protector after our first transaction in 2019, and to support their long-term business strategy by providing a reinsurance solution for their workers’ compensation book.
“This deal will further diversify our existing portfolio and demonstrates our team’s expertise in developing bespoke legacy solutions for companies like Protector seeking to optimise their capital allocation in an increasingly attractive ‘live’ insurance market. Our deal pipeline remains strong and we are looking forward to working with established and new partners to provide effective capital relief solutions across a range of territories and classes.”