DARAG, a number one legacy acquirer with a give attention to the European and UK market, and wefox Insurance coverage AG, the Liechtenstein-domiciled insurance coverage provider of wefox Group, introduced the switch of a run-off portfolio together with motor harm and third-party legal responsibility, non-public legal responsibility and property enterprise throughout Germany, Italy and Switzerland.
The switch of the portfolio is said to the beforehand introduced sale in December of wefox Insurance coverage AG to a group of Swiss companies led by BERAG.
Claims providers for all former policyholders stay assured, the businesses stated.
A loss portfolio switch (LPT) will likely be adopted by the portfolio switch of all EEA domiciled enterprise, which is topic to regulatory approval.
“This transaction is a good way to begin 2025, which is our fifteenth 12 months working as a run-off consolidator in Europe,” commented Tom Sales space, CEO of DARAG.
“We’re happy to welcome DARAG as the best accomplice for our portfolio. We now are very assured that we can efficiently full the introduced sale of wefox Insurance coverage AG within the first half of 2025. It is a additional step in direction of our future give attention to the Swiss short- and long-term absence market,” in keeping with Peter Huber, CEO of wefox Insurance coverage AG, the European insurtech that was based in 2015.
DARAG is a number one worldwide insurance coverage and reinsurance group specializing within the assumption of discontinued enterprise and the supply of capital and operational reduction options. The group has accomplished 67 run-off transactions in 21 international locations with a worth in extra of €1.7 billion.
Supply: DARAG and wefox
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Mergers & Acquisitions
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