SOBC DARAG acquires Vermont-based risk retention group
SOBC DARAG, a subsidiary of run-off specialist DARAG UK, has acquired Innovative Physicians Solutions (IPS) risk retention group (RRG), having received regulatory approval in Vermont.
SOBC DARAG is a joint venture between US-based run-off specialist SOBC and European legacy acquirer DARAG.
As part of the agreement, Mark Tabler, the current COO of IPS, will transfer to SOBC DARAG.
Stephanie Mocatta, CEO of SOBC DARAG, said: “This is our second acquisition in Vermont of a risk retention group (“RRG”) in recent months and our fourth overall. We continue to provide market-leading solutions for true finality for members of RRGs and are pleased to be building upon previously completed transactions, including the acquisition of American Safety.
"I would also like to welcome Mark Tabler to SOBC DARAG and look forward to working with him to ensure Innovative Physicians Solutions policyholders retain the highest level of service.”
Tabler said: “The RRG has served its member insureds in a serviceable, respectful and responsible manner over the past 15 years. It was my pleasure to serve as the COO of the RRG. I have full faith and confidence in SOBC DARAG to run out the company in a manner that will be fitting and serviceable to all the members.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Allianz to shut 'untenable' Australia and NZ units as claims mount in 'ultra-challenging' environment
Global premiums hit $5 trillion ‘for first time ever’, finds study
Fidelis rebrands partnership business as Socium; names CEO
Lloyd's veteran Tim Butcher to retire at year end
Crawford establishes Belgium presence with acquisition
Avail of the Intelligent InsurTECH Europe Super Early-Bird discount and save £600- Book now
