- July 1, 2021
- Posted by: Stratford Team
- Category: Business
DARAG Group, the Malta-based legacy acquisition company, announced the formal completion of the sale of its active Italian insurance business from DARAG Italia S.p.A to Nobis Compagnia di Assicurazioni.
Financial details of the deal were not disclosed.
The sale of this active underwriting business allows DARAG’s operations to focus explicitly on providing legacy solutions, the company said.
The relevant policies, distribution agreements and personnel dedicated to the active portfolio in Italy have been fully transferred to Nobis. DARAG is maintaining operations in Italy to manage the existing Italian book in run-off and potential future legacy portfolios.
“With the completion of this transfer we are demonstrating our focus on legacy and our dedication to streamlining DARAG’s operational efficiency,” commented Tom Booth, CEO of DARAG Group, in a statement. “We continue to offer legacy solutions to the Italian market through our local…
