DARAG Group (“DARAG” or “the Group”), a leading legacy acquirer, today announced that it has completed a portfolio transfer agreement (PTA) of a worldwide reinsurance book. The portfolio transfer was completed in late May when DARAG acquired the whole portfolio from carrier Ambra Versicherung AG (Ambra), which operates internationally.
The PTA spans an underwriting period ranging from the 1970s to 2010s, and covers an international liability portfolio. The deal has received approval from BaFin.
Tom Booth, CEO of DARAG, said: “The completion of this deal, transferring a worldwide book, further expands our footprint and highlights the breadth of expertise we can offer our clients. The confidence and reassurance we offer is vital to our partners, enabling them to concentrate on their primary business operations. We are delighted to have been chosen by AXA Liabilities Managers to acquire this business. We look forward to further opportunities in this space in future.”