SOBC DARAG snaps up New Mexico P&C Insurance in acquisition spree

SOBC DARAG, a subsidiary of run-off specialist DARAG UK, has acquired the New Mexico P&C Insurance Company, having received approvals from New Mexico OSI and Florida OIR.

It is the latest in a series of deals completed by SOBC DARAG, including the recent acquisition of Innovative Physicians Solutions RRG (IPS). In August, the company also opened a Bermuda office with a series of senior hires.

Stephanie Mocatta, CEO of SOBC DARAG, said: “The acquisition of New Mexico P&C Insurance Company follows hot on the heels of a number of transactions as SOBC DARAG continues to grow. I am grateful to my team at SOBC DARAG for working quickly and efficiently on this deal and bringing it to a successful conclusion. Sellers recognise that we continue to offer fast, effective finality solutions for insurance companies in run-off as we continue our strategic expansion.

“With the new senior hires in Bermuda we have more expertise and more capacity as a Group and I expect to see a significant number of transactions completed in the second half of 2019.”