DARAG closes SADA Assurances, Insr Insurance deals

DARAG Group Ltd. wrapped up two portfolio transfer agreements in Europe.

The legacy acquirer closed a motor portfolio transfer agreement with French insurer SADA Assurances, a wholly owned subsidiary of German group DEVK Versicherungen. It now offers economic and operational finality for a portfolio of all of SADA's motor business, which consists of French motor third-party liability, motor own damage and motor legal protection risks, according to a Jan. 17 press release.

The deal with SADA Assurances secured regulatory approval from the Autorité de Contrôle Prudentiel et de Résolution in France and Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin, in Germany.

DARAG also completed a loss portfolio transfer followed by a portfolio transfer agreement with Insr Insurance Group ASA.

The Norwegian Financial Supervisory Authority and BaFin approved the transaction, which involves all of Insr's remaining insurance business. The book comprises motor, property, casualty and workers' compensation liabilities from Norwegian and Danish jurisdictions.

Under the Insr transaction, DARAG will provide legal finality of the Norwegian company's insurance liabilities, as well as economic and operational relief.