Malta-based DARAG Group Ltd. has agreed to acquire Zurich Insurance PLC's German architects and engineers professional indemnity insurance portfolio.
Zurich Insurance will economically transfer the portfolio to DARAG, after which the two companies will apply for an Irish Section 13 Insurance Business Transfer for complete legal and operational finality.
Following the acquisition, DARAG Group's Germany-based risk carrier DARAG Deutsche Versicherungs-und Rückversicherungs-AG will assume more than €180 million in reserves.
The transaction is subject to relevant regulatory and court approvals, including that of the High Court in Ireland.
