Global legal practice Norton Rose Fulbright has advised Württembergische Versicherung AG on the sale of a portfolio of discontinued business to DARAG Deutsche Versicherungs- und Rückversicherungs-AG. The portfolio was issued by the insurer’s UK branch and mainly consists of aviation, marine and fire insurance. The purchase price is confidential. The transaction is subject to the approval of the relevant regulatory authorities.

Württembergische Versicherung AG belongs to Stuttgart-based Wüstenrot & Württembergische Group (W&W) which offers tailor-made forms of indemnity (non-life) and accident insurance. The product portfolio ranges from motor and property insurance to third-party liability, legal and accident insurance as well insurance providing coverage in the areas of construction all-risks, aerospace, loss-of-earnings, marine and engineering.

DARAG Deutsche Versicherungs- und Rückversicherungs-AG is specialised in the run-off business. DARAG takes over discontinued business from direct insurers and reinsurers and thus releases these companies from old risks and guarantees professional settlement of claims.

The following Norton Rose Fulbright team was involved in the transaction:

Partner: Eva-Maria Barbosa (lead, insurance law, Munich); Bob Haken (UK regulatory law, London).
Associate: Rima Höche (insurance law, Munich).

Inhouse: Thilo Grutschnig (Head of Corporate and Regulatory, W&W Group), Jürgen Dittmar (Württembergische Versicherung.

DARAG was advised by Felix Rollin (inhouse).