DARAG LAUNCHES NEW BROKER-INSURER IN GERMANY

Germany-based insurer Darag, formerly the state-owned marine and reinsurance company in East Germany but more recently reinvented as a run-off specialist by owner Augur Capital, has launched Berliner Versicherung, a broker-insurer that will service mainly medium-sized companies. The management board of the new business consists of Wilfried Krauth, who used to head Wüba in Heilbronn, and Gerold von German, who has been with Darag since 1990. Mr Krauth said that the new Berliner Versicherung had capital resources of €9m ($12.5m).