Private equity investor Augur Capital has successfully sold its stake in DARAG Deutsche Versicherungs- und Rückversicherungs-AG to London-based equity firm Keyhaven Capital Partners.
With the approval of Keyhaven as buyer by the German regulator BaFin, both parties are now able to close the transaction.
DARAG was acquired by Augur in April 2009 and was successfully restructured and repositioned as the first reinsurance company specialised in run-off in continental Europe.
Günther Skrzypek, managing partner at Augur Capital, said: "Due to our active management approach, we were able to reposition the company and occupy a promising market niche. With the new ownership structure, DARAG will be able to continue its excellent growth story and further strengthen its market position. We wish DARAG and its employees all the best for the future."
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Keyhaven Capital Partners, Augur Capital, Europe, DARAG