Legacy acquirer DARAG Group has made a notable announcement regarding its German insurance arm, DARAG Deutschland AG. The company has entered into a portfolio transfer agreement (PTA) with Protector Forsikring ASA, facilitating the transfer of Protector’s entire Danish workers’ compensation portfolio, thus enabling Protector to completely withdraw from this line of business.
This strategic transaction, pending regulatory consents in both Norway and Germany, involves the transfer of approximately €130 million in net liabilities from Protector to DARAG.
Tom Booth, CEO of DARAG, commented on the agreement, stating, “This collaboration with Protector is particularly gratifying as it marks our 70th transaction across 22 jurisdictions during our 15th year of operation.”
He further emphasized, “This is a remarkable testament to our outstanding performance in the European market and illustrates the significant growth the company has achieved, especially following our North American divestiture in late 2024.”
Booth elaborated on the benefits of DARAG’s solutions, highlighting that they enable clients to exit legacy portfolios with ease, often achieving full legal finality, thus providing operational and/or capital relief.
“We are thrilled to finalize this agreement with Protector, a valued client of ours, allowing it to completely exit this business line, subject to standard regulatory approvals and closing conditions,” Booth added. “This is a business line where DARAG holds substantial expertise, supported by strong local claims handling partners, managed by our senior claims portfolio manager based in Copenhagen.”
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