DARAG Group, a European run-off insurance companny, has completed its acquisition of Ikano Försäkring, the captive insurance company of Swedish financial services provider Ikano Group.
The deal has received approval from the Swedish Financial Supervisory Authority (SFSA), and provides Ikano Group with legal and economic finality in relation to all its insurance business.
Furthermore, Ikano's non-life business will be integrated into DARAG’s German carrier. Remaining operations, including active and life business, have been transferred to transaction partners who worked closely with DARAG to provide Ikano with a tailored legacy solution.
“This transaction is yet another demonstration of DARAG’s track record of providing bespoke legacy products, no matter the size or complexity of the business in question," said Stuart Davies, executive chairman at DARAG.
"The operational and capital burdens following the implementation of Solvency II are driving companies, for which insurance is non-core to their overall business or strategy, to dispose of elements of their business that drain too much management time, operational resources and capital. DARAG offers the expertise, scale and scope to provide the solutions such clients require. We are pleased that we can, once again, show that we are able to bring the right partners together and provide finality for the client.”
DARAG, Ikano Group, M&A, Run-off, Captive Insurance, Europe