Legacy acquirer DARAG Group has announced that it has reached an agreement to sell its non-legacy Italian business to NOBIS Compagnia di Assicurazioni. The transaction is subject to regulatory approval.
The sale of DARAG Italia’s active underwriting business will streamline DARAG’s operations and enable it to focus exclusively on providing legacy solutions, the company said. The policies, distribution agreements and personnel dedicated to the active portfolio in Italy will be transferred to NOBIS when the transaction is complete. DARAG intends to retain operations in Italy with the establishment of an Italian branch of its German risk carrier, DARAG Versicherungs und Rückversicherungs-AG. The branch, comprising a number of existing DARAG Italia staff, will manage the existing Italian book in run-off and potential future legacy portfolios in the region.
“The sale of our active Italian business is an illustration of our singular focus on legacy and our commitment to enhancing DARAG’s operational efficiency,” said Tom Booth, CEO of DARAG Group. “As one of the leading legacy players, with a growing capital base, DARAG continues to expand its global footprint. DARAG will carry on providing a full suite of market-leading legacy solutions to the Italian market through its local branch, part of its general strategy to offer bespoke localised solutions, backed with resident expertise. NOBIS is a well-regarded and secured insurance provider in Italy. It has been a pleasure to work with their professional team and we are confident that our clients will continue to receive high-quality support and services.”