DARAG Group Ltd., the Malta-based legacy acquirer, announced it has completed the acquisition of the Italian non-life portfolio of DONAU Versicherung AG after receiving approval from Austrian and Italian regulators.
Financial details of the transaction were not disclosed.The deal was first announced in January 2019, although DARAG said the purchase agreement was signed in December 2018.
The claims portfolio primarily consists of motor third party liability. The transfer provides DONAU, which is a subsidiary of Vienna Insurance Group, with a clean exit from its Italian branch operations and is the first third party transfer into DARAG Italia.
The transaction is a going concern transfer from DONAU into DARAG Italia S.p.A, which is DARAG Group’s Italian subsidiary. DONAU’s Italian employees and intermediaries have joined DARAG Italia.
“The transaction with DONAU was a complex one and demonstrated DARAG’s ability, flexibility and local knowledge of Italian re/insurance needs,” commented Tullio Ferrucci, CEO of DARAG Italia. “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.
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