DARAG Group Ltd., the Malta-based legacy acquirer, announced it has closed the portfolio transfer with German re/insurer SCHWARZMEER UND OSTSEE Versicherungsaktiengesellschaft (SOVAG), following the receipt of all regulatory approvals.
The direct insurance and inwards reinsurance business within the legacy portfolio have been transferred to DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Ruckversicherungs-AG. The legacy book includes both European and international business.
Financial details of the transaction were not disclosed.
Tom Booth, CEO of DARAG Group, said: “Europe is a core market for DARAG as we continue to build out our global platform. In 2019, DARAG has completed a series of legacy transactions and a significant capital upscaling of the business and we are set to deliver another fantastic year in 2020. SOVAG were a consummately professional partner for this transaction.”
Arndt Gossmann, chairman of the executive board of SOVAG, said: “A swift and efficient approval process is foundational in all such transactions. DARAG’s professionalism, proactivity and results driven approach ensured just that. I appreciate the outstanding efforts of all involved parties that enabled us to successfully complete the restructuring of SOVAG before the end of the year.”
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