DARAG strikes first acquisition deal in Luxembourg
European legacy acquirer DARAG Group has acquired Luxembourg-based automobile and travel insurance company Arisa Assurances, a subsidiary of ADAC Versicherung AG.
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 in regard to Arisa as it focuses on its core business.
It will be DARAG’s first company acquisition in Luxembourg. The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG.
Tom Booth, CEO of DARAG, said: “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.
"The deal provides legal and economic finality to ADAC Versicherung AG, secure in the knowledge that insureds will be looked after by a carrier with an outstanding reputation in Europe. ADAC Versicherung AG have been relentlessly professional throughout the process and it was a pleasure working with the team. We are very pleased to announce this transaction and we look forward to expanding our footprint in continental Europe and all our global markets in the coming months and years.”
