SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft with its registered office at Große Elbstraße 14, 22767 Hamburg, Germany, intends to transfer parts of its non-life insurance portfolio to DARAG Deutsche Versicherungs- und Rückversicherungs-AG with its registered office at Hermannstraße 15, 20095 Hamburg, Germany.
According to information received from the German supervisory authority, policies held by policyholders in Austria are also affected.
A termination right exists for insurance policy holders pursuant to Article 31 para. 2 of the Insurance Supervision Act 2016 (VAG 2016; Versicherungsaufsichtsgesetz 2016).