DARAG announces completion of landmark IKANO Försäkring AB transaction
March 06, 2018 – DARAG Group Limited, a leading European legacy acquirer, today announced the closing of its acquisition of IKANO Försäkring AB (“IKANO”), the Sweden-based insurance company. The transaction provides the owner of the Swedish insurer with legal and economic finality in relation to all its insurance business and has received approval from the Swedish Financial Supervisory Authority (SFSA).
In a separate step, IKANO’s non-life business will be integrated into DARAG’s German carrier. Remaining operations, including active and life business, have been transferred to transaction partners who worked closely with DARAG to provide IKANO with a tailored legacy solution.
Stuart Davies, Executive Chairman at DARAG said: “This transaction is yet another demonstration of DARAG’s track record of providing bespoke legacy products, no matter the size or complexity of the business in question.
The operational and capital burdens following the implementation of Solvency II are driving companies, for which insurance is non-core to their overall business or strategy, to dispose of elements of their business that drain too much management time, operational resources and capital. DARAG offers the expertise, scale and scope to provide the solutions such clients require. We are pleased that we can, once again, show that we are able to bring the right partners together and provide finality for the client.”