More deals news for you – busy week and it’s only Tuesday;
DARAG Group (“DARAG” or “the Group”), 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, today 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 of wefox Insurance AG to a group of Swiss companies led by BERAG. Claims services for all former policyholders remain assured.
A loss portfolio transfer (LPT) will be followed by the portfolio transfer of all EEA domiciled business, which is subject to regulatory approval. Tom Booth, CEO of DARAG, said: “This transaction is a great way to start 2025, which is our 15th year operating as a run-off consolidator in Europe. It is further evidence of DARAG’s premier position in offering legacy solutions to the European market with our well capitalised German based carrier and local claims management expertise. Our track record in providing legal finality is unparalleled in the European market.”
Peter Huber, CEO of wefox Insurance AG, commented: “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.”
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