DARAG Group has finalized a portfolio transfer agreement involving Danish workers' compensation business from Protector, while also completing a separate loss portfolio transfer with another European carrier.
The German insurance carrier DARAG Deutschland AG acquired Protector's Danish workers' compensation portfolio, which was written between 2012 and 2025. The transferred reserves total approximately €120 million.
In a separate transaction completed before the end of 2024, DARAG finalized a loss portfolio transfer with reserves exceeding €120 million and signed an agreement for a subsequent portfolio transfer. The deal involves discontinued business written by another carrier in the EU.
Tom Booth, CEO of DARAG, said the Protector transaction "further demonstrates DARAG's ability to offer European counterparties legal, operational and economic finality for their legacy portfolios."
Booth noted that Scandinavia has been a growth area for the company, where it maintains relationships with local third-party administrators and claims portfolio managers.
DARAG has also been expanding its claims servicing capabilities beyond portfolio transfers. In 2025, DARAG Deutschland AG signed a service contract with Unipol Assicurazioni S.p.A. to manage and service all claims tied to a UK motor portfolio in runoff, with Davies Group acting as third-party administrator.
Regarding the December transaction, Booth described the completion as "a fitting end to a strong year of trading for DARAG overall with a record volume of new business transacted by the Group in the European market."
Over the past 12 months, DARAG has completed two portfolio transfer agreements originating from Liechtenstein and Norway. The company also executed three loss portfolio transfers set to be followed by portfolio transfers, each in a different European jurisdiction.
DARAG worked with Howden Re to partner with reinsurance capital providers to manage aggregate exposure and optimize capital allocation.
Booth said the company expects to deliver a profit for the year. He added that "DARAG's solvency ratio is expected to close at a record high level, underpinning our ability to continue our growth in 2026 and beyond."
