DARAG Group (“DARAG” or “the Group”), a leading legacy acquirer, announces that it has entered into a portfolio transfer agreement (PTA) with Domus Forsikring A/S (Domus) for its entire change of ownership (Husejerskifte) and building damage (Byggeskade) portfolio in Denmark. The PTA is subject to the usual regulatory approvals and enables Domus to achieve finality in respect of these liabilities, exit the insurance market and ultimately wind up the company.
Tom Booth, CEO of DARAG, said: “This transaction further demonstrates DARAG’s expertise in helping insurers achieve legal and economic finality. We are delighted to partner with Domus on its planned exit from the Danish insurance market and to combine DARAG’s financial strength and run-off expertise with established local claims management capabilities to provide long-term certainty for policyholders, claimants and other stakeholders. The deal also strengthens DARAG’s presence in the Nordic region and underlines our commitment to providing innovative run-off solutions across Europe.”