History

DARAG has its roots in Germany, with a history of more than 60 years of underwriting. The model changed in 2009, when it became the first Continental European (re)insurer to provide run-off solutions through acquisition, portfolio transfer and, now through steady growth, with a full suite of reinsurance solutions in any jurisdiction.

We pride ourselves in having retained our pioneering and creative spirit and continue to deliver bespoke finality structures. Whether alone or with a partner, in whichever of our carriers, we remain focussed on the delivery of capital optimisation and operational efficiency, thus allowing our clients to focus on their core and active business and achieve their business goals.  

1949 Founded under the name ‘Schwarzmeer- und Ostsee Allgemeine Versicherungs-Aktiengesellschaft’.
1958 Change of name to ‘DARAG Deutsche Auslands- und Rückversicherungs-AG’.
1990 Colonia AG (later AXA) acquires a majority shareholding.
2001 DARAG becomes a fully-owned subsidiary of AXA Versicherung AG.
2006 Württembergische und Badische Versicherung AG (WÜBA) acquires 100% of the shares in DARAG.
2007 WÜBA is acquired by AIG.
2009 The Augur Capital Group acquires the majority of shares in DARAG and gears the business model towards finality solutions and the transfer of run-off portfolios.
2010 Relocation of the company’s headquarters to Wedel near Hamburg.
2013 DARAG strengthens its capital base to underpin its fast-growing business. A consortium led by London-based capital investor Keyhaven Growth Partners invests 60 million euros, making it DARAG’s second-largest shareholder.
2014 Together with the management, Keyhaven Capital Partners acquires 100% of the shares of DARAG.
2015 DARAG establishes a new risk carrier in Malta as a protected cell company – DARAG Malta Insurance and Reinsurance PCC Limited, an insurance and reinsurance company licensed by MFSA to offer flexible solutions to DARAG’s clients, via cells.
2015 DARAG Deutsche Versicherungs- und Rückversicherungs-AG becomes a subsidiary of a newly formed DARAG Group Limited which becomes a Maltese domiciled insurance group. The focus of DARAG in Germany remains the same. At the same time, the range of potential transactions increases.
2016 DARAG closes a landmark acquisition of ERGO Assicurazioni S.p.A from ERGO Italia S.p.A, the Italian insurance consolidator. The acquisition was authorized by the Italian insurance regulator IVASS.  The Italian insurance carrier becomes the third insurance carrier for DARAG Group Limited.
2017 ERGO Assicurazioni S.p.A is renamed ‘DARAG Italia S.p.A.’
2017 The Swedish regulator, SFSA, has approved the acquisition of Ikano Försäkring AB (the Swedish insurance arm of Ikano Group) by DARAG.
2018 Ikano Försäkring AB is renamed ‘DARAG Försäkring AB’
2018 Equity funding of up to Euro 260 million to support growth plans for the business. Funding is provided by Aleph Capital and Crestview Partners.