DARAG German Insurance and Reinsurance AG
| DARAG German Insurance and Reinsurance AG | |
|---|---|
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| legal form | Corporation |
| founding | 1949 |
| Seat | Hamburg , Germany |
| Website | http://www.darag-group.com/ |
The DARAG German Insurance and Reinsurance Company is a specialist insurer for off run . The company takes over and processes inactive business from primary insurance and reinsurance companies in the non-life sector.
history
The DARAG in the GDR
The DARAG has its origins in the Auslands- und Rückversicherungs-AG of the GDR - also: Deutsche Auslands- und Rückversicherungs-AG (DARAG), in turn the legal successor of the former Schwarzmeer-Ostsee-Versicherungs-AG. When it was founded, it was an approved insurance company with 50 percent Soviet participation alongside the German Insurance Company . It was based in Berlin and had branches in Leipzig and Magdeburg as well as a branch in Rostock .
The German shares were in the hands of the Chamber for Foreign Trade of the GDR , the German Insurance Company and some foreign trade companies and foreign trade companies . In 1958, DARAG took over the business of Schwarzmeer und Ostsee Allgemeine Versicherungs-AG in the areas of insurance, exports, imports and transit traffic.
This insurance had the task of taking over the international insurance and international reinsurance as the GDR's foreign and reinsurance institution . DARAG's area of responsibility included in particular:
- the insurance of export and import shipments against transport damage,
- the insurance of the deep-sea trading and deep-sea fishing fleet, the inland fleet and the civilian air fleet of the GDR
- the insurance of seaports and airports against liability claims
- insurance for watercraft under construction, shipyards liability insurance for new ships and ship repairs
- active and passive reinsurance
- the credit insurance
The DARAG after reunification
After the reunification of Germany, the insurance company was renamed DARAG Deutsche Versicherungs- und Rückversicherungs-AG and in 1990 the majority was taken over by Colonia AG, later AXA Versicherung AG . In 2001 it became fully owned by AXA. In 2006, DARAG was taken over by Württembergische und Badische Versicherung AG , which it sold to the Augur Capital Group in 2008. Augur geared DARAG's business model to run-off solutions in non-life insurance. From 2010 DARAG will have its headquarters in Wedel near Hamburg. In April 2014 it was announced that the investor Keyhaven Capital Partners, together with the management, would take over Darag from the previous owner Augur Financial Opportunity SICAV . In 2018 the headquarters were relocated to Hamburg.
Company profile
DARAG is the first German insurance company to focus its business model exclusively on taking over inactive portfolios from property and casualty insurance.
As a run-off specialist insurer, DARAG, like all insurance companies, is subject to the Federal Financial Supervisory Authority (BaFin). There are no legal differences to an insurer with active business. BaFin must approve the sale of inactive portfolios to a run-off insurer such as DARAG in each individual case. For example, the reliability, the business model and the capitalization are checked.
From 2009 to the end of 2014, DARAG took over a total of 17 inactive insurance portfolios and thus manages portfolios in ten European countries (as of December 2014).
Single receipts
- ^ Ludz Peter Christian Johannes Kuppe: GDR manual . Ed .: Federal Ministry for Internal German Relations in the FRG. 1st edition. Verlag Wissenschaft und Politik, Cologne 1979, ISBN 978-3-8046-8515-4 , p. 253 .
- ↑ Definition: portfolio runoff - Insurance Glossary A practice under which a reinsurance portfolio is allowed to continue until all ceded premium is earned or all losses are closed, or both. It is the opposite of a portfolio return. International Risk Management Institute, Inc. (IRMI)
- ↑ Koch, Peter: History of the Insurance Industry in Germany, p. 443.
- ↑ British investor takes over 100 percent of run-off insurer Darag. In: FONDS Professionell. April 9, 2014, accessed April 10, 2014 .
- ↑ University of St. Gallen: Run-off 2013: Status quo and future importance of run-off in the German-speaking non-life insurance market, pp. 18-19.
- ↑ Slotted Spoon, Kay: Run-off. Supervision of insurance companies that process portfolios, BaFin Journal March 2014, p. 17.
- ↑ Darag takes over three further run-off portfolios. (No longer available online.) In: Versicherungswirtschaft heute. January 30, 2014, archived from the original on March 4, 2016 ; Retrieved June 29, 2015 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
