DARAG Group has wrapped up the motor portfolio transfer agreement (PTA) with French insurance firm and a wholly-owned subsidiary of German group DEVK Versicherungen SADA Assurances.
The company noted that the deal covers SADA’s motor business which comprises French motor third party liability, motor own damage and motor legal protection risks.
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The deal will see DARAG provide economic and operational finality for the portfolio.
The French and German regulators- Autorité de Contrôle Prudentiel et de Résolution (ACPR) and Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) respectively, have cleared the deal.
Concurrently, DARAG announced that it has completed a loss portfolio transfer (LPT) followed by a PTA with Norway-based Insr Insurance Group.
The deal includes Insr’s remaining insurance business which includes motor, property, casualty and workers’ compensation liabilities from Norwegian and Danish markets.
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By GlobalDataDARAG signed the PTA deal with Insr in August 2021. Norwegian and German regulators have approved the deal.
DARAG Group CEO Tom Booth said: “With the completion of these transfers, we demonstrate again that DARAG is trusted worldwide to provide high quality, reliable legacy solutions for a wide spectrum of clients.
“We are pleased to be able to broaden our offering to clients as our presence and reputation for providing outstanding service across European and global markets grows.”
In December 2020, DARAG made its first acquisition in Luxembourg by taking over automobile and travel insurance company Arisa Assurances.
