DARAG completes the novation of the general third-party liability reinsurance business of DVA Reinsurance (DVA Re), a Dublin-based captive reinsurer of Deutsche Bahn.
The transaction covers underwriting years 2000 to 2017 and gives DVA Re finality on those liabilities. Financial terms are not disclosed.
Tom Booth, chief executive officer of DARAG, says: “We are pleased to have reached this agreement with DVA Re, offering certainty over its outstanding liabilities and supporting its planned exit from the reinsurance market.”
DVA Re was incorporated in Ireland in December 2000 and is authorised by the Central Bank of Ireland. According to its regulatory filings, it assumed excess casualty reinsurance risks of Deutsche Bahn written through fronting insurers, and is wholly owned by Deutsche Verkehrs-Assekuranz-Vermittlungs, with Deutsche Bahn as ultimate parent.
The captive decided not to participate in Deutsche Bahn’s 2018 excess liability programme and went into run-off, with no new business expected.
DARAG’s previous captive transactions include the acquisition of a Cayman-domiciled captive by Darag Insurance Guernsey in 2024.
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