Legacy Specialist DARAG Completes First Acquisition in LuxembourgPage Visited: 17
DARAG Group Ltd., the Malta-based legacy acquirer, announced the completion of its purchase of Arisa Assurances SA, a Luxembourg-based automobile and travel insurance company previously owned by ADAC Versicherung AG.
The transaction, announced in August, was conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, and has received all requisite regulatory approvals.
Financial details of the transaction were not disclosed.
Arisa is DARAG’s first company acquisition in Luxembourg. The insurance portfolio, consisting primarily of motor third party liability business, will subsequently be transferred to DARAG Deutsche Versicherungs- und Rückversicherungs-AG with effect for its Luxembourg branch which will be established.
“Our local expertise and operational capabilities are paramount to maintaining DARAG’s reputation and leading position in the European legacy market and our business continues to develop in the region as a result,” said Tom Booth, CEO of DARAG.
“The efficient Arisa transaction process is testament to our understanding of the local market and the seamless collaboration between DARAG and the professional teams at ADAC and Arisa,” he added.
DARAG specializes in the assumption of discontinued insurance and reinsurance businesses and the provision of capital relief solutions. The group has completed 41 run-off transactions in 20 countries with a value in excess of €1.3 billion ($1.6 billion).
Was this article valuable?
Here are more articles you may enjoy.
The most important insurance news,in your inbox every business day.
Get the insurance industry’s trusted newsletter