PRESS RELEASE DARAG: Three more Run-off deals before year end bring total number of transactions in 2013 to seven Legacy insurer DARAG takes over Run-off risks in Sweden, Greece and Belgium. The total number of DARAG’s transactions in 2013 rises to seven. Hamburg, 29 January 2014. Run-off specialist DARAG Deutsche Versicherungs- und Rueckversicherungs-AG signs three European Run-off portfolio transactions in December, bringing the total number of deals signed in 2013 to seven. DARAG made its first acquisition in Sweden and took over the entire portfolio of group accident insurance with municipalities of the insurance company ERV Sweden. ERV Sweden is the leading travel insurer in Sweden. Active underwriting of this business was ceased in 2012. Policyholders were Swedish municipalities who grant accident protection to school children in their community. Johannes von Huelsen, CEO of ERV Sweden, explains: “We decided to focus exclusively on our core business again. Transferring our Run-off portfolio to a specialist insurer was the next logical step. With DARAG we found a partner who responsibly handles our contracts and fulfils our undertaking.” A unit of Aon Benfield Germany, specialised in consulting and M&A services, advised ERV on the complete project. Jan-Oliver Thofern, Chairman & CEO of Aon Benfield for the German-speaking region adds: “The transaction is an excellent example of an established company, which uses Run-off as a strategic tool to optimise its business. By attaining finality, ERV Sweden frees resources and reduces complexity.” DARAG also completed its first transaction in Greece. The Run-off insurer took over Motor Third Party Liability (MTPL) business from Athens-based AIGAION Insurance Company. AIGAION is the leading Greek insurance company specialising in the Marine Insurance sector and remains active in the market. The law firm Goldberg Segalla from London advised DARAG on this transaction. In Belgium, DARAG completed its third transaction. Germany’s Legacy pioneer took over a portfolio of General Third Party Liability from a Belgian insurer via retrospective reinsurance. Arndt Gossmann, CEO of DARAG is highly satisfied with DARAG´s performance: “We have underwritten seven portfolios in 2013. That is beyond plan. Our proposition as follow-up insurer and legacy trustee is experiencing a remarkable level of interest.” The parties have agreed not to disclose the terms of the transactions. Some transfers are still subject to regulatory approval. DARAG brings its total number of transactions to 17 and is now managing portfolios in 10 European countries. – End – Page 1 DARAG Deutsche Versicherungs- und Rueckversicherungs-AG DARAG Deutsche Versicherungs- und Rueckversicherungs-AG is the first German direct and reinsurance company specialised in Run-off. DARAG takes over inactive or discontinued business from direct insurers and reinsurers. Consequently, DARAG conclusively relieves these companies from old risks and guarantees professional settlement of claims. According to a study by PWC in 2013 the European Run-off market amounts to around EUR 235 billion. In German-speaking countries alone, the Run-off volume amounts to over EUR 103.5 billion, according to a study by the Insitute of Insurance Economics at the University of St. Gallen in 2013. ERV Sweden ERV Sweden was established in 1920 and is based in Sundbyberg. The insurance company is part of ERV Group. On the Swedish market, ERV Sweden is one of the largest providers of private and business travel insurance, as well as insurance for people stationed abroad. Every year, ERV Sweden insures 2 million private travellers, 1.5 million business travellers and 12,000 people stationed abroad. As one of the leading travel insurers in the world, ERV is represented in over 20 countries around the world with market leadership in key European countries including its home market Germany. With its international network, ERV ensures that its customers receive optimal service before, during and after their trip. ERV is the specialist for travel protection within the ERGO Insurance Group and thus part of Munich Re, one of the world’s leading reinsurers and risk carriers. More at www.erv.com. AGAION Insurance Company S.A. AIGAION Insurance Company S.A. was founded in 1995, having obtained the proper permit by the Greek authorities as per European Union regulations. Their main business activity includes Hull & Machinery, Yachts and Cargo insurance. AIGAION Insurance S.A.’s specific specialisation in the marine insurance sector has met with the market’s appreciation and has led the company to the top ranks in the Greek marine insurance market, with a fleet of over 2,000 vessels of all types. Company Contact Arndt Gossmann, CEO DARAG Deutsche Versicherungs- und Rueckversicherungs-AG Hafenstrasse 32, 22880 Wedel, Germany, www.darag.de Tel.: +49 4103 7016-180, Mail: [email protected] Press Contact Susanne Wiesemann redRobin. Strategic Public Relations GmbH Altonaer Poststrasse 13a, 22767 Hamburg, Germany Tel.: +49 40 692 123-20, Mail: [email protected] Company Contact ERV Sweden Johannes von Huelsen, CEO ERV Sweden Tel: +46 765 25 33 96, Mail:[email protected] Page 2
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