The LPT will immediately come into effect. Credit: Photo by Gabrielle Henderson on Unsplash.

Legacy acquirer DARAG’s German insurance arm DARAG Deutschland has reached a Loss Portfolio Transfer (LPT) followed by a Portfolio Transfer (PTA) agreement with Norway’s Insr Insurance Group (Insr).

Insr is an Oslo Stock Exchange-listed insurer, whose entire remaining insurance business will be part of this proposed agreement.

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The insurer’s portfolio primarily comprises motor, property, casualty, and workers’ compensation liabilities from Norwegian as well as Danish jurisdictions.

DARAG said that the agreement will provide a legal finality of all Insr’s insurance liabilities before the end of this year, and ‘economic relief as of LPT signing’.

The LPT will be immediately effective, while the PTA awaits the nod of regulators.

DARAG Europe CEO Alexander Roth said: “We are particularly pleased to have once again achieved a successful outcome for a client in the Nordics region where we continue to expand our footprint.”

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Insr CEO Niclas Ward said: “This secures an orderly exit from the insurance business for Insr, and we are very satisfied to have DARAG as a counterparty, that has a proven track record in the legacy business.

“We will now focus on a smooth transition of the business to DARAG. In addition, we will review if there is any opportunity for the remains of Insr to continue in one form or another.”

In December 2020, DARAG acquired Luxembourg-based automobile and travel insurance company Arisa Assurances.

Arisa, previously owned by ADAC Versicherung, marked DARAG’s first acquisition in Luxembourg.