Re/insurance group DARAG picks up Nebraska-based insurer in bid to cover US
Legacy re/insurer DARAG has picked up an unnamed Nebraska-based P&C insurer to bolster a nationwide roll-out it is basing on another recent purchase from Texas.
The unit will be merged with a Texas run-off acquisition announced less than two weeks prior "to provide an immediate increase in surplus" as DARAG rolls out from Texas to the whole of the US market, DARAG management wrote.
Daniel Linden (pictured), CEO of DARAG North America, commented: “DARAG is excited to continue working towards an ever increased presence within the North American Market. With the merging of this Nebraska entity into our key, Texas based entity, the immediate boost to surplus assists us with executing our plan for expansion of this entity across all 50 states. With this planned expansion comes key capabilities to reach underserved markets to provide exit solutions that we previously did not have access to.”
Tom Booth, Group CEO added: ‘This acquisition is proof of the continued strong level of transactional activity of DARAG within the legacy market. The subsequent merger illustrates the capital and operational benefits we can now bring to bear for the benefit of our clients and policyholders alike’.
DARAG claims to have completed 53 run-off transactions in 21 countries with a value in excess of €1.7 billion.
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