DARAG acquires IngoNord in Run-off - DARAG Deutsche ...

PRESS RELEASE
DARAG acquires IngoNord in Run-off
Hamburg/Helsinki, 9 February 2012 – Specialised Run-off insurer DARAG Deutsche
Versicherungs- und Rückversicherungs-AG acquires IngoNord Insurance Company Ltd.,
Finland, including its entire Run-Off portfolio. This acquisition marks DARAG’s fourth
transaction in the last twelve months. It’s DARAG’s first transaction in Scandinavia.
IngoNord, whose shareholder is the Russian Ingosstrakh Insurance Company Ltd., went into Run-off
in 2010. Its book includes fire and property insurance, marine, aviation and other transport insurance,
liability insurance, business interruption insurance, travel insurance and active reinsurance.
After the closing of the transaction, DARAG intends to transfer the portfolio of IngoNord to its own
balance sheet. The claims handling will be continued by employees of IngoNord.
Geographically, IngoNord was focused on Northern Europe. As of December 2010, the company had
a balance sheet total of 10.5 million euros.
Tatyana Kaygorodova, Deputy General Director of Ingosstrakh Insurance Company, said:
“Ingosstrakh will now be able to focus on its core markets and business, which is currently the
Community of Independent States (CIS). In DARAG, we have found a strong partner in
Continental Europe who meets our expectations with regard to safeguarding reputations.
DARAG, as landmark provider of Run-off solutions, is ensuring a fair portfolio Run-off.”
Arndt Gossmann, DARAG CEO, explained:
“We assume the full risk for IngoNord without prejudicing the interests of the insured. Reputation
is the most important factor for the ceding insurer. So, for a specialised Run-off insurer, it is
essential to keep the promise of the original insurer."
The transfer still has to be approved by the Finnish supervisory authority. The parties have agreed not
to disclose the terms of the transaction.
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DARAG Deutsche Versicherungs- und Rückversicherungs-AG
DARAG Deutsche Versicherungs- und Rückversicherungs-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. Independent experts estimate the
market potential of Run-off business to be considerable. In German-speaking countries alone, the
Run-off volume amounts to over EUR 115 billion. With the introduction of Solvency II, this volume is
set to increase.
Company contact
DARAG Deutsche Versicherungs- und Rückversicherungs-AG
Hafenstraße 32a, 22880 Wedel
Arndt Gossmann, CEO
www.darag.de
Press contact
Claudia Kressel, CKC Claudia Kressel Communication
Tel.: +49 4103 7016-177
Fax: +49 4103 7016-179
E-mail: claudia.kressel@darag.de
www.darag.de
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