DARAG unveils Zurich acquisition

DARAG | September 09, 2019

Legacy acquirer DARAG Group Limited is on a roll. Earlier this year it completed a portfolio transfer in Italy, in July it entered the British market, and now it has reached an agreement in Germany with Zurich Insurance Plc, the Irish wholly-owned subsidiary which acts as Zurich Insurance Group’s main legal entity for writing non-life insurance business in Europe. The deal involves Zurich’s German architects and engineer’s professional indemnity insurance portfolio. It will see Hamburg-based DARAG Deutsche Versicherungs- und Rückversicherungs-AG assume reserves in excess of €180 million. Explaining how the two-step acquisition will be carried out, the Malta-headquartered group noted: “DARAG will initially provide Zurich with economic finality through a loss portfolio transfer (LPT), by which the portfolio is economically transferred to DARAG. “Following the completion of the LPT, DARAG and Zurich will apply for an Irish Section 13 Insurance Business Transfer to achieve complete legal and operational finality.”

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Spotlight

You can enhance your business’s revenue stream and customer experience by implementing a tailored insurance program powered by Marsh Affinity’s digital platform. Sourcing for and managing the appropriate insurance program can be challenging, but Marsh Affinity’s digital platform is designed to help you monitor and optimise your program with ease.

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