Legacy insurer DARAG acquires Italian non-life portfolio from DONAU

European legacy acquirer DARAG Group has purchased a portfolio of Italian non-life business, consisting primarily of motor third party liability from DONAU Versicherung.

The transfer provides DONAU with an exit from its Italian branch operations. Following the transaction, DONAU’s existing Italian employees and intermediaries will transfer into DARAG Italia, which has an existing portfolio of non-life personal lines business.

“Italy is a core market for DARAG, and our carrier has an unparalleled ability to offer local solutions to local and foreign parties seeking a total or partial exit from their non-strategic operations," said Tullio Ferrucci, CEO of DARAG Italia. "We are excited to be a key part of DARAG’s expansion and growth, offering legacy solutions whatever the scale and scope required.”

Tom Booth, CEO of DARAG Group, added: “ Securing €260m of committed equity capital from Aleph and Crestview in July 2018 alongside Keyhaven Capital Partners, long term shareholder, and expanding into the US and Bermuda marked an exciting new chapter for DARAG. To start 2019 by announcing reaching agreement on this sizeable deal is extremely pleasing and demonstrates our ability to convert an ever-increasing pipeline of legacy deals.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news Cat risk continues to evolve; protection gap not shrinking, warns Aon Allianz unveils new AGCS reinsurance branch in India Yet another insurer has moved operations to Dublin because of Brexit AXA Venture Partners unveils $150m insurtech war chest
India's strong economy means robust growth for insurance

Download our survey inforgraphic: 'The Impact of Automation on Commercial Lines'