DARAG Group, a legacy acquirer with a focus on the European and UK market, and wefox Insurance AG, the Liechtenstein-domiciled insurance carrier of wefox Group, announced the transfer of a run-off “portfolio including Motor Damage and Third Party Liability, Private Liability and Property business across Germany, Italy and Switzerland.”
The transfer of the portfolio is related to the previously announced sale of wefox Insurance AG to a “group of Swiss companies led by BERAG.”
Claims services for all former policyholders “remain assured.”
A loss portfolio transfer (LPT) will be followed by the portfolio “transfer of all EEA domiciled business, which is subject to regulatory approval.”
Tom Booth, CEO of DARAG, said:
“This transaction is a great way to start 2025, which is our 15th year operating as a run-off consolidator in Europe. It is further evidence of DARAG’s premier position in offering legacy solutions to the European market with our well capitalised German based carrier and local claims management expertise. Our track record in providing legal finality is unparalleled in the European market.”
Peter Huber, CEO of wefox Insurance AG commented:
“We are pleased to welcome DARAG as the ideal partner for our portfolio. We now are very confident that we will be able to successfully complete the announced sale of wefox Insurance AG in the first half of 2025. This is a further step towards our future focus on the Swiss short- and long-term absence market.”
As noted in the update, DARAG is an international insurance and reinsurance group specializing in the assumption of “discontinued business and the provision of capital and operational relief solutions.”
The Group has reportedly completed “67 run-off transactions in 21 countries with a value in excess of €1.7bn.”
As a legacy specialist, they aim to provide innovative as well as “tailored legacy and service solutions.”
Established back in 2015, wefox is a European insurtech driven by a single purpose: Empowering Insurance – driving “the digital transformation of the insurance industry and facilitating seamless collaboration among all stakeholders.”
