DARAG Group completes a portfolio transfer agreement (PTA) covering a worldwide reinsurance book, the legacy acquirer announces. The transfer completed in late May, when DARAG acquired the entire portfolio from international carrier Ambra Versicherung AG. The PTA spans an underwriting period ranging from the 1970s to the 2010s and covers an international liability portfolio. The deal has received approval from German regulator BaFin. "The completion of this deal, transferring a worldwide book, further expands our footprint and highlights the breadth of expertise we can offer our clients," says Tom Booth, CEO of DARAG. "The confidence and reassurance we offer is vital to our partners, enabling them to concentrate on their primary business operations. We look forward to further opportunities in this space in future." DARAG specialises in the assumption of discontinued business and the provision of capital and operational relief solutions. The group has completed 74 run-off transactions in 24 countries with a value in excess of €1.9 billion.
