DARAG completes Ambra portfolio transfer

DARAG Group has completed a portfolio transfer agreement (PTA) of a

worldwide reinsurance book. The portfolio transfer was completed in late

May when DARAG acquired the whole portfolio from carrier Ambra

Versicherung AG (Ambra), which operates internationally.

The PTA spans an underwriting period ranging from the 1970s to 2010s

and covers an international liability portfolio. The deal has received

approval from BaFin.

Tom Booth, CEO of DARAG, said: “The completion of this deal, transferring

a worldwide book, further expands our footprint and highlights the

breadth of expertise we can offer our clients. The confidence and

reassurance we offer is vital to our partners, enabling them to concentrate

on their primary business operations. We are delighted to have been

chosen by AXA Liabilities Managers to acquire this business. We look

forward to further opportunities in this space in future.”