Legacy acquirer darag institution ltd. Announced it has agreed to buy a portfolio of italian non-life business, consisting in most cases of motor 1/3 birthday celebration legal responsibility from donau versicherung ag.
Economic details of the transaction, which is concern to approval by the applicable local authorities, were not disclosed.
The transaction contains a going-concern transfer from donau into darag italia s.P.A, darag organization’s milan, italy-based totally subsidiary. In addition, donau’s present italian employees and intermediaries will transfer into darag italia, which has an present portfolio of non-life non-public lines commercial enterprise.
The transfer provides donau, which is a subsidiary of vienna coverage organization, with a smooth exit from its italian branch operations and is the first 1/3 birthday party switch into darag italia.
“italy is a center marketplace for darag, and our provider has an exceptional potential to provide local answers to local and overseas events searching for a complete or partial exit from their non-strategic operations,” said tullio ferrucci, ceo of darag italia. “we are excited to be a key a part of darag’s expansion and growth, presenting legacy solutions whatever the scale and scope required.”
Tom sales space, ceo of darag group, said the agency has entered into an “interesting new chapter” with its enlargement into the u.S. And bermuda in addition to the €260 million ($295.6 million) of devoted equity capital, which it secured in july 2018 from aleph and crestview, along long-time period shareholder, keyhaven capital partners.
“to begin 2019 by using announcing attaining settlement in this large deal is extraordinarily attractive and demonstrates our ability to convert an ever-growing pipeline of legacy offers,” stated booth, noting that this transaction is the first of its kind in the italian market regarding italian based totally risks.
“we had been extremely joyful to had been decided on to work with donau to offer a approach to assist their withdrawal from the italian market, delivering capital and operational blessings,” he continued.
Malta-based darag has finished 25 run-off transactions in 15 international locations with a value in extra of €600 million ($682.2 million).
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