DARAG Group Ltd. has closed a portfolio transfer agreement with German insurer Schwarzmeer und Ostsee Versicherungs AG, or SOVAG, following the receipt of all regulatory approvals.

The direct insurance and inwards reinsurance businesses within the legacy portfolio were transferred to DARAG's German risk carrier, DARAG Deutsche Versicherungs-und Rückversicherungs-AG. The legacy book includes both European and international business.