DARAG Group Ltd., the Malta-based legacy acquirer, announced it has signed a retrospective quota share reinsurance agreement with Protector Forsikring ASA, a multinational general insurance company listed on the Oslo Stock Exchange.
DARAG’s German risk carrier, DARAG Deutschland AG (DAG), will be the vehicle for the transaction and assume booked reserves in excess of €180 million ($213.9 million).
Upon the completion of the transaction, DARAG will provide Protector with reinsurance cover for its workers’ compensation book of business, underwritten in Norway and Denmark.
“DARAG has undertaken a major expansion over the past two to three years into new markets but Scandinavia remains a key focus for our European business,” said Tom Booth, group CEO.
“This is the second transaction with our valued partners at Protector and is testimony to DARAG’s ability to handle multinational portfolios for listed companies, as well as our sixth major deal in the Nordic countries. We are very pleased to announce this reinsurance agreement with Protector and we look forward to announcing further transactions in the near future,” he added.
“We are very glad to once again work with our longstanding partners at Protector after our first transaction in 2019, and to support their long-term business strategy by providing a reinsurance solution for their workers’ compensation book,” commented Alexander Roth, group chief strategy officer and CEO of DAG.
“This deal will further diversify our existing portfolio and demonstrates our team’s expertise in developing bespoke legacy solutions for companies like Protector seeking to optimize their capital allocation in an increasingly attractive ‘live’ insurance market. Our deal pipeline remains strong and we are looking forward to working with established and new partners to provide effective capital relief solutions across a range of territories and classes.”
DARAG specializes in the assumption of discontinued business and the provision of capital relief solutions. The group has completed 47 run-off transactions in 21 countries with a value in excess of €1.4 billion ($1.7 billion).
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