DARAG Group (“DARAG” or “the Group”), a leading legacy acquirer, today announced the formal completion of the sale of the going concern insurance business from DARAG Italia S.p.A (“DARAG Italia”) to NOBIS Compagnia di Assicurazioni (“NOBIS”) .
The sale of the active underwriting business allows DARAG’s operations to focus explicitly on providing legacy solutions. The relevant policies, distribution agreements and personnel dedicated to the active portfolio in Italy have been fully transferred to NOBIS. DARAG maintains operations in Italy to manage the existing Italian book in run-off and potential future legacy portfolios.
Tom Booth, CEO of DARAG Group, said: “With the completion of this transfer we are demonstrating our focus on legacy and our dedication to streamlining DARAG’s operational efficiency. We continue to offer legacy solutions to the Italian market through our local operation; part of our overall strategy to offer bespoke localised solutions, backed with regional expertise.”