DARAG Sells Non-Legacy Italian Business to NOBIS

DARAG Group, the Malta-based legacy acquisition company, announced the formal completion of the sale of its active Italian insurance business from DARAG Italia S.p.A to Nobis Compagnia di Assicurazioni.

Financial details of the deal were not disclosed.

The sale of this active underwriting business allows DARAG’s operations to focus explicitly on providing legacy solutions, the company said.

The relevant policies, distribution agreements and personnel dedicated to the active portfolio in Italy have been fully transferred to Nobis. DARAG is maintaining operations in Italy to manage the existing Italian book in run-off and potential future legacy portfolios.

“With the completion of this transfer we are demonstrating our focus on legacy and our dedication to streamlining DARAG’s operational efficiency,” commented Tom Booth, CEO of DARAG Group, in a statement. “We continue to offer legacy solutions to the Italian market through our local operation; part of our overall strategy to offer bespoke localised solutions, backed with regional expertise.”

DARAG is a re/insurance group that specializes in the assumption of discontinued business and the provision of capital relief solutions. The group has completed 48 run-off transactions in 21 countries with a value in excess of €1.6 billion ($1.9 billion).

Source: DARAG