SOBC DARAG, the joint venture formed between SOBC, the US-based run-off specialist, and DARAG, the leading legacy acquirer, has completed of its first acquisition of Peachtree Casualty Insurance Co. of Florida.
The acquisition of Peachtree was completed after receipt of Florida Office of Insurance Regulation approval. SOBC DARAG’s Ohio-based team has also taken over the day-to-day management and claims handling.
Peachtree Casualty Insurance Co. is a Florida domiciled non-standard auto insurer in run-off. The joint venture and acquisition are part of DARAG’s planned expansion into the US and Bermuda/Caribbean markets, and follow the appointment of Tom Booth as CEO and the completion of a $300 million capital raise by DARAG.
According to Booth, DARAG is targeting the U.S. and Bermuda/Caribbean markets through the SOBC DARAG joint venture.
Peachtree is now owned by the newly-formed DARAG Guernsey, owned by DARAG Group Investors. SOBC DARAG Holdings, a direct subsidiary of DARAG Guernsey, is to be the principal vehicle for future US and other non-EU based acquisitions.
According to Stephanie Mocatta, CEO of SOBC DARAG, the joint venture is now working together on several more potential transactions and has plans for considerable expansion of SOBC DARAG in the U.S.
DARAG is an international insurance and reinsurance company specializing in the assumption of discontinued business and the provision of capital relief solutions. Since 2009 DARAG has completed 23 run-off transactions in 15 countries with a value of in excess of €740 million.
SOBC is a USA based company specializing in the acquisition of entities with legacy insurance liabilities, including insurance companies, captives and risk retention groups.
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