10 March 2021Actuarial & underwriting

DARAG signs its second deal with Norway’s Protector Forsikring

DARAG Group has signed a retrospective quota share reinsurance agreement with Protector Forsikring, a multinational general insurance company listed on the Oslo Stock Exchange.

DARAG’s German risk carrier, DARAG Deutschland (DAG), will be the vehicle for the transaction, DARAG’s second with Protector and sixth in the Nordics, and assume booked reserves in excess of €180 million. DARAG will provide Protector with reinsurance cover for its workers’ compensation book of business, underwritten in Norway and Denmark.

Alexander Roth, group chief strategy officer and chief executive officer of DAG, said its deal pipeline remains strong.

“This deal will further diversify our existing portfolio and demonstrates our team’s expertise in developing bespoke legacy solutions for companies like Protector seeking to optimise their capital allocation in an increasingly attractive ‘live’  insurance market,” he added.

Tom Booth, DARAG group chief executive officer, said Scandinavia is a key focus for DARAG’s European business.