03 May 2019 – DARAG Group Limited, a leading legacy acquirer, announced on 3rd May 2019, that the Austrian financial authority, Finanzmarktaufsicht (FMA), approved the acquisition of the Italian portfolio of DONAU Versicherung AG. The purchase agreement was signed in December 2018. With the consent of the Italian Istituto per la vigilanza sulle assicurazioni (“IVASS”), DARAG has completed the transfer of a portfolio of Italian non-life business from DONAU Versicherung AG (“DONAU”).
The claims portfolio primarily consists of Motor Third Party Liability. The transaction is a going concern transfer from DONAU into DARAG Italia S.p.A, DARAG Group’s Italian entity. DONAU’s Italian employees and intermediaries have joined DARAG Italia.
Tullio Ferrucci, CEO of DARAG Italia, said: “The transaction with DONAU was a complex one and demonstrated DARAG’s ability, flexibility and local knowledge of Italian re\insurance needs. We are therefore proud to announce the completion of the deal today.”
Tom Booth, CEO of DARAG Group, said: “DARAG has the size, agility and expertise to deliver effective and capital-efficient solutions to our partners in core markets like Italy. With the completion of our capital raise, we have the scale and ambition to succeed as a truly global legacy provider. With plenty of deals in the pipeline, we are pleased to announce the completion of this transaction.
DARAG is a leading international insurance and reinsurance company specialising in the assumption of discontinued business and the provision of capital relief solutions. Building on its strong European roots with a recently announced expansion, through SOBC DARAG, into the US and Bermuda, DARAG has completed 26 run-off transactions in 15 countries with a value in excess of €700m. For more information, please visit: www.darag-group.com