Schwarzmeer und Ostsee Versicherungs-Aktiengesellschaft SOVAG was a Hamburg-based insurance company subject to German insurance supervision legislation.

In the 2017 financial year, a comprehensive restructuring process was initiated. Since then, no new insurance contracts have been underwritten and the transfer of the existing insurance portfolio to another insurer has got underway.

SOVAG Aktiengesellschaft is the legal successor and operates as a consulting company for insurance companies.

Information concerning the transfer of SOVAG’s insurance contracts to DARAG AG

The German Federal Financial Supervisory Authority (BaFin) approved the transfer of SOVAG’s insurance contracts to DARAG Deutsche Versicherungs- und Rückversicherungs-AG in December 2019. On 18 December 2019, the transfer of the portfolio pursuant to Section 13 of the Insurance Supervision Act (Versicherungsaufsichtsgesetz – VAG) was completed.

You can find more information about the portfolio transfer here