Deutsche Versicherungs- und Rueckversicherungs-AG (DARAG), the German insurance run-off specialist, has been acquired by a London-based private equity firm.
Keyhaven Capital, a former minority shareholder in DARAG, has acquired 100 percent of its shares with some participation from management. Last year, Keyhaven purchased just under half of the company’s shareholding. The terms of the deal have not been disclosed.
Darag has been steadily building a substantial run-off book in recent years. It closed four deals last year and has completed 14 in total since it was formed.
The deal gives Keyhaven Capital full access to the European run-off market, which is estimated to be worth more than €200 billion in Europe.