DARAG has concluded the transfer of reinsurance business with Axeria Re, a Maltese reinsurer.
The transaction will be conducted through DARAG Malta Insurance and Reinsurance PCC.
Based in Malta, Axeria Re designs reinsurance and risk programmes and has been a subsidiary of April Group since 2008.
The original cedant is a French insurer specialised in property/casualty, motor fleets and directors and officers liability insurance.
Tom Booth, CEO of DARAG Group, said: “Axeria Re was looking to achieve finality for their exposures while maintaining the solemn promise to their reinsureds. We were able to offer a clean, efficient and advantageous exit for Axeria Re while guaranteeing the highest level of service to their cedants. It was a pleasure to work with the resolutely professional team of Axeria Re and the original cedant.”
“DARAG continues to strengthen our European operations and this transfer of reinsurance business has further demonstrated how our diversified capital relief instruments can support insurers’ and reinsurers’ strategic priorities. We are very pleased to be able to assist Axeria Re, and we look forward to announcing further deals in the near future.”
The French operation of Guy Carpenter & Company served as sell-side advisors.
Elsewhere, DARAG recently completed a novation agreement with Cayman reinsurer to provide finality for its US liability books, with the transaction value in excess of $40 million.