DARAG to focus on Europe and sell North American and Bermuda entities
German insurance group and legacy acquirer DARAG is set to offload its North American and Bermuda entities in order to focus on its core European business.
The sale to US-based RiverStone Group, owned by Fairfax Financial, is expected to close before the end of the year.
In a statement, DARAG said the transaction “simplifies DARAG’s operations, allowing the group to focus on its core European business” while bringing extra capital for a number of European deals that are in advanced stages of negotiation.
No financial details of the transaction were disclosed.
“I [look] forward to the opportunity this transaction presents to bring focused firepower to our European core,” said DARAG chief executive Tom Booth.
“Our strong, well-capitalised niche position, and good market conditions, give us great optimism for our European business.”
“This acquisition perfectly fits our growth strategy, bolstering our capabilities and significantly boosting our market visibility in several North America insurance segments,” said RiverStone president Bob Sampson.
