DARAG announces the sale of non-legacy Italian business to NOBIS


DARAG has announced that it has reached an agreement with NOBIS Compagnia di Assicurazioni (“NOBIS”) for the sale of the Going Concern business from DARAG Italia S.p.A. The transaction is subject to regulatory approval.

The sale of the active underwriting business will streamline DARAG’s operations and enable the Group to focus exclusively on providing high quality and cost-effective legacy solutions. The relevant policies, distribution agreements and personnel dedicated to the active portfolio in Italy will be transferred to NOBIS upon completion of the transaction. DARAG intends to retain operations in Italy through the establishment of an Italian branch of DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG. The branch, comprised of a number of existing DARAG Italia staff, will manage the existing Italian book in run-off and potential future legacy portfolios in the region.

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