Traditional acquirer DARAG Group has announced the completion of a Portfolio Transfer Agreement (PTA) for Protector’s Danish workers’ compensation business and the signing of a Loss Portfolio Transfer (LPT) and PTA with another European airline.
DARAG’s German insurer DARAG Deutschland AG completed the PTA of Protector’s Danish workers’ compensation portfolio between 2012 and 2025 with reserves of approximately EUR 120 million.
DARAG has also completed a separate LPT with reserves of over €120 million by the end of 2025 and signed a subsequent portfolio transfer agreement. The deal involves the books written by another major EU airline for discontinued operations.
Tom Booth, CEO of DARAG, said: “The PTA with long-term client Protector is further evidence of DARAG’s ability to provide legal, operational and economic finality to legacy portfolios of European counterparties. Scandinavia has been a strong growth area for DARAG and is one where we have long-standing relationships with local third-party management experts and experienced local claims portfolio managers.”
“The completion of another larger LPT at the end of December caps off a strong year for overall trading for DARAG, with the group recording record volumes of new business transactions in the European market.”
With assistance from Howden Re, DARAG also works with specialist reinsurance capital to manage a portion of its total risk and optimize capital allocation.
Booth added: “It is particularly pleasing that, in addition to the good profits expected this year, DARAG’s solvency ratio is expected to reach a record high level, underpinning our ability to continue to grow in 2026 and beyond.”
DARAG’s most recent transactions include the completion of an LPT by DARAG Deutschland AG with a European operator at the end of May 2025, followed by a portfolio transfer with the operator.
In April, DARAG Deutschland AG entered into a PTA with Protector Forsikring ASA for its entire Danish workers’ compensation portfolio.
In March, DARAG announced an LPT agreement with British insurance company Soteria Insurance Limited (SIL), formerly the underwriting arm of the Co-operative Group.
