DARAG Group, the Malta-based legacy acquisition firm, introduced the formal completion of the sale of its lively Italian insurance coverage enterprise from DARAG Italia S.p.A to Nobis Compagnia di Assicurazioni.
Monetary particulars of the deal weren’t disclosed.
The sale of this lively underwriting enterprise permits DARAG’s operations to focus explicitly on offering legacy options, the corporate stated.
The related insurance policies, distribution agreements and personnel devoted to the lively portfolio in Italy have been totally transferred to Nobis. DARAG is sustaining operations in Italy to handle the present Italian e book in run-off and potential future legacy portfolios.
“With the completion of this switch we’re demonstrating our deal with legacy and our dedication to streamlining DARAG’s operational effectivity,” commented Tom Sales space, CEO of DARAG Group, in an announcement. “We proceed to supply legacy options to the Italian market via our native operation; a part of our general technique to supply bespoke localised options, backed with regional experience.”
DARAG is a re/insurance coverage group that makes a speciality of the idea of discontinued enterprise and the availability of capital aid options. The group has accomplished 48 run-off transactions in 21 international locations with a price in extra of €1.6 billion ($1.9 billion).
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