Darag agrees portfolio transfer for Protector’s Danish workers’ comp portfolio

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Darag agrees portfolio transfer for Protector’s Danish workers’ comp portfolio

Reuters04-04

Darag agrees portfolio transfer for Protector’s Danish workers’ comp portfolio

By Ryan Hewlett

April 4 - (The Insurer) - Legacy specialist Darag Group has entered into a portfolio transfer agreement with Protector Forsikring for its entire workers’ compensation portfolio in Denmark.

Subject to approval by the Norwegian and German regulators, a Danish workers’ compensation portfolio with around 130 million euros ($143.3 million) of net liabilities will be transferred from Protector to Darag.

The transaction, conducted through Darag Deutschland AG, will allow Protector to fully exit this line of business.

Tom Booth, CEO of Darag, said the deal was the legacy specialist’s 70th transaction across 22 jurisdictions in its 15 years of operation.

The latest deal comes less than a month after Darag signed a loss portfolio transfer agreement with UK-based insurer Soteria Insurance, the former underwriting business of the Co-operative Group.

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