The portfolio encompasses motor damage, third-party liability, private liability, and property business across Germany, Italy, and Switzerland.
The acquisition follows the previously announced sale of wefox Insurance AG to a group of Swiss companies led by BERAG. The transaction aligns with wefox Group’s strategic decision to divest its insurance carrier, announced in June 2024.
The transaction will involve a loss portfolio transfer followed by the transfer of all EEA-domiciled business, subject to regulatory approvals.
Tom Booth, CEO of DARAG, said, “This transaction is a great way to start 2025, which is our 15th year operating as a run-off consolidator in Europe. It is further evidence of DARAG’s premier position in offering legacy solutions to the European market with our well capitalised German based carrier and local claims management expertise. Our track record in providing legal finality is unparalleled in the European market.”
Peter Huber, Chief Insurance Officer of wefox Insurance AG, also commented, saying: “We are pleased to welcome DARAG as the ideal partner for our portfolio. We now are very confident that we will be able to successfully complete the announced sale of wefox Insurance AG in the first half of 2025.”
He added: “This is a further step towards our future focus on the Swiss short- and long-term absence market.”
