DARAG to sell non-legacy Italian business to Nobis Assicurazioni
German legacy acquirer DARAG Group has agreed to sell the Going Concern business from its subsidiary DARAG Italia to NOBIS Compagnia di Assicurazioni (Nobis Assicurazioni), an Italian insurance company, for an undisclosed price.
The sale of the active underwriting business, which is subject to regulatory approval, will enable DARAG Group to exclusively focus on offering high quality and cost-effective legacy solutions.
Upon completion of the deal, the relevant policies, distribution agreements, and personnel associated with the active portfolio in Italy will be transferred to Nobis Assicurazioni.
DARAG plans to retain operations in Italy by setting up an Italian branch of its German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG.
The existing DARAG Italia staff in the branch will look after the existing Italian book in run-off and possible future legacy portfolios in the area.
DARAG Italia was established in 2016 after the group’s acquisition of ERGO Assicurazioni. The majority of DARAG Italia’s portfolio features motor risks that include motor third party liability, land vehicle hulls and marine third-party liability, and also accident risks.
Tom Booth – DARAG Group CEO said: “The sale of our active Italian business is an illustration of our singular focus on legacy and our commitment to enhancing DARAG’s operational efficiency. As one of the leading legacy players, with a growing capital base, DARAG continues to expand its global footprint. DARAG will carry on providing a full suite of market leading legacy solutions to the Italian market through its local branch; part of its general strategy to offer bespoke localised solutions, backed with resident expertise.
“NOBIS is a well-regarded and secured insurance provider in Italy. It has been a pleasure to work with their professional team and we are confident that our clients will continue to receive high-quality support and services.”