DARAG seals quota share reinsurance deal with Scandinavian insurer Protector Forsikring
European legacy acquirer DARAG Group has entered into a retrospective quota share reinsurance agreement with Scandinavian insurance company Protector Forsikring.
The deal will see DARAG provide Protector with reinsurance cover for liabilities arising out of the change of ownership business underwritten between 1 June 2004 and 31 March 2019. In addition, DARAG will provide cover for all change of ownership business underwritten from 1 April 2019 until 30 June 2020.
DARAG will use its German risk carrier, DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, as the vehicle for the transaction.
Tom Booth, CEO of DARAG Group, said: “Scandinavia has always been a core market for DARAG. As we continue with our long-term growth strategy and with our enhanced balance sheet, we have the capital strength and transactional expertise to provide solutions for even the most complex risk portfolios. We worked hard with Protector to devise an effective solution for their needs. It is therefore my pleasure to announce this transaction today.”
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