Run-off insurer Deutsche Versicherungs- und Rueckversicherungs (DARAG) has completed the acquisition of entire Run-off portfolio of Hamburg-based Hanseatica Rueckversicherungs (Hanseatica).
The Hanseatica’s Run-off portfolio involves the lines namely third-party liability insurance, motor, marine and aviation insurance, engineering insurance and fire insurance.
DARAG CEO Arndt Gossmann said, "It is the first deal following our capital raise in April 2013, proving us right that Run-off business in Europe is experiencing rapid growth."
Terms of the transaction have not been disclosed by the parties, while the transaction is yet to receive regulators approval.
Following completion of the transaction, DARAG will acquire all of Hanseatica’s insurance portfolio.
DARAG takes over inactive or discontinued business from direct insurers and reinsurers as well as relieves these companies from old risks and guarantees professional settlement of claims.