DARAG SIGNS SOVAG CLOSED BOOK DEAL IN GERMANY

European run-off insurer Darag Group has signed a portfolio transfer agreement with German Sovag, which will see its legacy non-life business transferred to Darag Deutsche, subject to regulatory approval. The legacy book comprises European direct insurance business, including liability, property, transport and motor. It also includes a book of European and international reinsurance, underwritten by Sovag’s UK branch, and German risks underwritten by its Hamburg office. The deal will provide complete finality to Sovag, which is undergoing restructuring, Darag said.