Legacy acquirer DARAG Group has completed the transfer of a worldwide reinsurance portfolio from Ambra Versicherung AG, expanding its international legacy business.
The portfolio transfer agreement was finalised in late May, with DARAG acquiring the entire portfolio from Ambra. The transaction received approval from Germany’s financial regulator, BaFin.
The portfolio comprises international liability business written from the 1970s through to the 2010s, adding another long-tail liability book to DARAG’s portfolio of legacy insurance and reinsurance liabilities.
Tom Booth, chief executive of DARAG, said: “The completion of this deal, transferring a worldwide book, further expands our footprint and highlights the breadth of expertise we can offer our clients. The confidence and reassurance we offer is vital to our partners, enabling them to concentrate on their primary business operations.”
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