DARAG Group Ltd., the Malta-based legacy acquirer, announced the acquisition of Arisa Assurances SA, an automobile and travel insurance company based in Luxembourg.
The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs-und Rückversicherungs-AG, and is subject to regulatory approvals.
Financial details of the transaction were not disclosed.
Arisa is a subsidiary of ADAC Versicherung AG, belonging to ADAC SE, a public company that offers mobility-oriented services and products. Motor third party liability business forms the majority of Arisa’s existing portfolio, which has been in run-off since 2018.
The transaction will provide ADAC Versicherung AG with legal, operational and economic finality, with regards to Arisa, as it focuses on its core business. It will be DARAG’s first company acquisition in Luxembourg.
“DARAG’s presence and expertise in the German-speaking markets is already unrivalled and we have been growing our business here significantly in the past few years. Arisa will be our first acquisition in Luxembourg and demonstrates our firm commitment to clients in the region,” commented Tom Booth, CEO of DARAG, in a statement.
DARAG specializes in the assumption of discontinued re/insurance business and the provision of capital relief solutions. The group has completed 34 run-off transactions in 18 countries with a value in excess of €1.1 billion.
About ADAC SE
Headquartered in Munich, Germany, ADAC SE is a public company that offers mobility-oriented services and products to ADAC members, non-members and B2B customers. It is comprised of 28 affiliated companies and private equity firms including ADAC Versicherung AG (insurance), ADAC Finanzdienste GmbH (financial services), ADAC Autovermietung GmbH (car rental) and ADAC Service GmbH. In the 2018 business year, ADAC SE had a staff of approx. 3,500 and a turnover of €1.142 billion and after-tax earnings of €108 million.
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