DARAG acquires run-off portfolio from wefox Insurance AG

Legacy acquirer DARAG Group and wefox Insurance AG, the Liechtenstein-based insurer of wefox Group, have announced the transfer of a run-off portfolio, which includes Motor Damage, Third Party Liability, Private Liability, and Property business across Germany, Italy, and Switzerland.

This transfer is part of the previously announced sale of wefox Insurance AG to a group of Swiss companies led by BERAG. This follows an announcement in June 2024 that wefox Insurance AG would no longer be part of the company’s core business as part of its restructuring efforts.

A loss portfolio transfer (LPT) will be followed by the transfer of all EEA-domiciled business, pending regulatory approval.

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, CEO of wefox Insurance AG, commented, “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. This is a further step towards our future focus on the Swiss short- and long-term absence market.”

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