DARAG seals insurance portfolio transfer deal in France
European legacy acquirer DARAG Group has unveiled a motor portfolio transfer agreement with French insurer SADA Assurances, a subsidiary of the German Group DEVK Versicherungen.
German insurance carrier DARAG Deutschland AG has signed an agreement with SADA to provide economic and operational finality for a portfolio of all of SADA’s motor business, which comprises French motor third party liability, motor own damage and motor legal protection risks.
The agreement is the first publicly disclosed insurance portfolio transfer to a run-off player on the French market and demonstrates the increasing interest in France for legacy solutions, DARAG said.
The transaction is subject to regulatory approval by ACPR and BaFin.
Tom Booth, Group CEO of DARAG, commented: “ DARAG is pleased to partner with SADA to support their recent shift in focus to property business and broaden our own portfolio. We are able to provide SADA with the necessary transaction security and strong reputation to maintain the utmost quality of service, which was particularly important given the long and distinguished history of this business, created initially in 1967.”
Alex Roth, CEO of DARAG Deutschland AG, added: “Along with our broader European business, our presence and expertise in the French market has been growing significantly in recent years, as our reputation for providing forward thinking solutions to our partners increases. This agreement demonstrates once again the trust that they have in us, as we offer them the reassurance of dealing with a carrier that has an outstanding reputation for legacy solutions.”
André Hess, chairman of the management board of SADA, said: "With this portfolio transfer, we are pursuing, from an operational perspective, our Performance 2024 business plan a long with our strategic orientations. [...] SADA Assurances is refocusing on its core expertise: Real Estate. Thereby, we are reaffirming our desire to focus our creativity and investments on the latter in order to meet the needs of real estate professionals and our broker partners."
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