Malta-headquartered insurance firm Darag Group has agreed to acquire the Italian non-life business from Donau Versicherung.
Image: Darag to acquire Italian non-life business from Donau. Photo: Courtesy of adamr/FreeDigitalPhotos.net.
Darag Group said that it will acquire primarily the Motor Third Party Liability from the company. The transaction is subject to approval from concerned local authorities.
The transaction includes the transfer of a going concern from Donau into Darag Italia, Darag Group’s Italian entity. Donau’s existing Italian employees and intermediaries will be transferred to Darag Italia, which has an existing portfolio of non-life personal lines business.
Darag Italia CEO Tullio Ferrucci said: “Italy is a core market for Darag, and our carrier has an unparalleled ability to offer local solutions to local and foreign parties seeking a total or partial exit from their non-strategic operations. We are excited to be a key part of Darag’s expansion and growth, offering legacy solutions whatever the scale and scope required.”
With the transfer, Donau will exit from the Italian market branch operations and it is the first third party transfer into Darag Italia.
Darag Group CEO Tom Booth said: “Securing €260m of committed equity capital from Aleph and Crestview in July 2018 alongside Keyhaven Capital Partners, long term shareholder, and expanding into the US and Bermuda marked an exciting new chapter for Darag.
“To start 2019 by announcing reaching agreement on this sizeable deal is extremely pleasing and demonstrates our ability to convert an ever increasing pipeline of legacy deals.”
In November 2018, the Malta-based insurance company’s subsidiary Darag Guernsey had acquired the entire share capital of Sobc Services.
In addition, the joint venture Sobc Darag, had agreed to acquire Sobc Sandell, four insurance entities in run-off and Sobc Insurance, a Protected Cell Company in Connecticut.
The run-off entities include American Safety Captive Insurance in Vermont, American Staffing Assurance, a protected cell company domiciled in Washington, DC, PIA Professional Liability Insurance, and the interest in Insuratex cell in Bermuda.
In the same month, Sobc Darag closed the acquisition of Peachtree Casualty Insurance.