DARAG Group (“DARAG” or “the Group”), a leading legacy acquirer with a focus on the European market, today announced the signing of a service contract with leading Italian insurer, UnipolSai Assicurazioni S.p.A. (Unipol). Unipol is the insurance company of the Unipol Group, the Italian leader in non-life business and motor vehicle TPL in particular.
DARAG Deutschland AG (DAG) will be managing and servicing all non proportional open claims related to the runoff of Unipol Re, incorporated in Unipolsai as of 30/12/2023.
The agreement sees DARAG take on its first outsourced service contract as the Group capitalises on its expert claims management in Continental Europe, which otherwise continues to be deployed on the successful run-off of its own acquired portfolios. This contract also marks one of the first uses of an outsourced legacy claims administrator in the Italian insurance market.
Tom Booth, CEO of DARAG, said: “This deal represents an important milestone in the expansion of DARAG’s services. It is a natural development of our business model whereby we offer our unique local claims expertise in Europe to strategic clients, in the process generating valuable fee based revenue. This offering adds to our tailor-made solutions for each client, offering pure operational relief or as a precursor to a more traditional legacy solution, whereby we acquire the portfolio as principal.
We have established an excellent relationship with Unipol and I am delighted that our unparalleled reputation in the European market has contributed to their trust in us for managing a part of their runoff reinsurance claims, as well as TPA relationships. It is especially pleasing that our first major claims servicing contract is with such a significant sized and well-respected insurance group in Italy, one of our key territories. The Group remains increasingly confident in its future prospects as its focus pivots increasingly back to its roots in Continental Europe and it makes strong progress on executing its pipeline of attractive portfolio acquisition opportunities.”