DARAG completes transfer of acquired portfolio

It’s now officially a done deal between DARAG Group Limited and DONAU Versicherung AG, whose Italian non-life portfolio has been transferred to the legacy acquirer.

The transfer was completed after being given the consent of the Italian insurance regulator, Istituto per la Vigilanza sulle Assicurazioni, following the green light for the acquisition from the Austrian financial authority, Finanzmarktaufsicht.

As part of the swoop, DONAU’s Italian employees and intermediaries have now come onboard DARAG Group’s Italian entity DARAG Italia S.p.A. In addition, the transaction is treated as a going concern transfer from DONAU into 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 DARAG Italia chief executive Tullio Ferrucci. “We are therefore proud to announce the completion of the deal.”

The claims portfolio primarily consists of motor third-party liability.

“DARAG has the size, agility, and expertise to deliver effective and capital-efficient solutions to our partners in core markets like Italy,” noted the group’s CEO, Tom Booth. “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.”