DARAG signs loss portfolio agreement with Norway-based Insr

DARAG Group’s German insurance carrier  DARAG Deutschland AG has signed a loss portfolio agreement with Norway-based Insr Insurance Group ASA, containing a loss portfolio transfer (LPT) followed by a portfolio transfer (PTA).

The portfolio consists mainly of motor, property, casualty and workers’ compensation liabilities from both Norwegian and Danish jurisdictions.

The deal will see DARAG provide legal finality of all Insr’s insurance liabilities before the end of 2021, but economic relief as of LPT signing.

All of Insr’s remaining insurance business will form part of the transaction.

DARAG Group CEO Tom Booth said: “We are pleased to support Insr as it moves to eliminate its insurance risk. DARAG offers the necessary transaction security and strength of reputation to maintain the utmost quality of service for clients for the remainder of their policies.

“Our track record of successful transactions makes us the natural choice to assume all operational and financial obligations of Insr’s discontinued portfolio and to continue servicing its needs.”

Insr CEO Niclas Ward (pictured) added: “We are pleased to have reached this agreement with DARAG. This secures an orderly exit from the insurance business for Insr, and we are very satisfied to have DARAG as a counterparty, that has a proven track record in the legacy business.

“We will now focus on a smooth transition of the business to DARAG. In addition, we will review if there is any opportunity for the remains of Insr to continue in one form or another.”

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