Malta-based DARAG Group Ltd. completed the acquisition of a Sweden-based insurance company, IKANO Försäkring AB.
The transaction provides the owner of the Swedish insurer with legal and economic finality in relation to all its insurance business and has received approval from the Swedish Financial Supervisory Authority.
IKANO's nonlife business will be integrated into DARAG's German carrier. Remaining operations, including active and life business, were transferred to transaction partners who worked closely with DARAG to provide IKANO with a legacy solution.
DARAG Group Ltd. is a unit of Germany-based DARAG Deutsche Versicherungs-und Rückversicherungs-AG, which specializes in runoff insurance.