DARAG Deutschland has signed a loss portfolio agreement with Oslo-based Insr Insurance Group. 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 this year.
Tom Booth, CEO of DARAG Group, 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.”
Niclas Ward, CEO of Insr, added: “From Insr´s point of view, 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.”
The PTA is subject to approval by both Finanstilsynet and BaFin.
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