DARAG Group has signed a retrospective quota share reinsurance agreement with Protector Forsikring, a multinational general insurance company listed on the Oslo Stock Exchange.
DARAG’s German risk carrier, DARAG Deutschland AG (DAG), will be the vehicle for the transaction and assume booked reserves in excess of €180 million.
Once completed DARAG will provide Protector with reinsurance cover for its workers’ compensation book of business underwritten in Norway and Denmark.
Commenting on the agreement, Tom Booth, Group CEO, says: “DARAG has undertaken a major expansion over the past two to three years into new markets but Scandinavia remains a key focus for our European business.”
He adds: “This is the second transaction with our valued partners at Protector and is testimony to DARAG’s ability to handle multinational portfolios for listed companies, as well as our sixth major deal in the Nordic countries. We are very pleased to announce this reinsurance agreement with Protector and we look forward to announcing further transactions in the near future.”
Alexander Roth, group chief strategy officer and CEO of DAG, notes: “This deal will further diversify our existing portfolio and demonstrates our team’s expertise in developing bespoke legacy solutions for companies like Protector seeking to optimise their capital allocation in an increasingly attractive ‘live’ insurance market. Our deal pipeline remains strong and we are looking forward to working with established and new partners to provide effective capital relief solutions across a range of territories and classes.”
Earlier in March, DARAG acquired SunPoint Holdings, which offers reinsurance and run-off solutions to US and Bermuda insurers.
