DARAG, a leading legacy acquirer with a focus on the European and UK market, and wefox Insurance AG, the Liechtenstein-domiciled insurance carrier of wefox Group, announced the transfer of a run-off portfolio including motor damage and third-party liability, private liability and property business across Germany, Italy and Switzerland.
The transfer of the portfolio is related to the previously announced sale in December of wefox Insurance AG to a group of Swiss companies led by BERAG.
Claims services for all former policyholders remain assured, the companies said.
A loss portfolio transfer (LPT) will be followed by the portfolio transfer of all EEA domiciled business, which is subject to regulatory approval.
“This transaction is a great way to start 2025, which is our 15th year operating as a run-off consolidator in Europe,” commented Tom Booth, CEO of DARAG.
“We are pleased to welcome DARAG as the ideal partner for our portfolio. We now are very confident that we will be able to successfully complete the announced sale of wefox Insurance AG in the first half of 2025. This is a further step towards our future focus on the Swiss short- and long-term absence market,” according to Peter Huber, CEO of wefox Insurance AG, the European insurtech that was founded in 2015.
DARAG is a leading international insurance and reinsurance group specializing in the assumption of discontinued business and the provision of capital and operational relief solutions. The group has completed 67 run-off transactions in 21 countries with a value in excess of €1.7 billion.
Source: DARAG and wefox
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Topics
Mergers & Acquisitions
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