DARAG Group and wefox Insurance AG, the Liechtenstein-domiciled insurance carrier of wefox Group, has 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 (pictured), chief executive 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.”
