DARAG Group (“DARAG” or “the Group”), a leading legacy acquirer, announces that it has completed the novation of the general third-party liability reinsurance business from DVA Reinsurance dac (“DVA Re”), a captive reinsurer of Deutsche Bahn AG.
The transaction covers underwriting years 2000 to 2017, with the transaction providing DVA Re with finality in respect of these liabilities.
Tom Booth, CEO of DARAG, said: “We are pleased to have reached this agreement with DVA Re, offering certainty over its outstanding liabilities and supporting its planned exit from the reinsurance market. This transaction demonstrates DARAG’s ability to deliver tailored legacy solutions for captive reinsurers, helping counterparties meet their strategic objectives. We remain committed to providing clients worldwide with a secure, long-term home for legacy liabilities.”