OREANDA-NEWS. May 21, 2012. DARAG Deutsche Versicherungs- und Ruckversicherungs-AG* (Germany), insurer specializing in run-off, has acquired IngoNord joint-stock insurance company (Finland), including its whole portfolio being in run-off. This acquisition will be DARAG's fourth transaction in the last twelve months. At the same time, this is the first DARAG's transaction in Scandinavia.

IngoNord Insurance Company whose shareholder was Ingosstrakh Insurance Company (Russia) went in run-off in 2010. Its portfolio includes fire and property insurance, marine, aviation and other transport insurance, liability insurance, business interruption insurance, travel insurance, and incoming reinsurance.

Buying in took place on May 15, 2012. DARAG intends to transfer IngoNord insurance portfolio to its own balance sheet. Claims settlement will be still handled by IngoNord officers.

Geographic reach of IngoNord Insurance Company covered Northern Europe. As of December 2010, the total assets of the company amounted to 10.5 mln euro.

Tatiana Kaygorodova, Deputy Director General of Ingosstrakh Insurance Company, said:“Ingosstrakh Insurance Company is now able to focus on its main business and its main markets which are the countries of the Commonwealth of Independent States (CIS). DARAG became our serious partner in the inland Europe which complies with our requirements in terms of reputation guarantee. DARAG, which is the key solutions provider in this field, secures honest run-off of the insurance portfolio.”

Arndt Gossmann, Director General of DARAG, explained:

“We assume all risks of IngoNord Insurance Company without inflicting any damages to the insurants’ interests. Reputation is the key point for the transferring insurer. Therefore, it is crucial that the insurer specializing in run-off fulfills the obligations of the initial insurer.”

The parties have agreed not to disclose the terms and conditions of the transaction.