DARAG announces a deal with ADAC Versicherung AG
6 August 2020 – DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announced the acquisition of Arisa Assurances SA (“Arisa”), an automobile and travel insurance company based in Luxembourg. The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, and is subject to regulatory approvals.
Arisa is a subsidiary of ADAC Versicherung AG, belonging to ADAC SE, a public company limited by shares under EU law offering mobility-oriented services and products. 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.
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.”
DARAG is a leading international insurance and reinsurance group specialising in the assumption of discontinued business and the provision of capital relief solutions. The Group has completed 34 run-off transactions in 18 countries with a value in excess of €1.1bn. For more information, please visit: www.darag-group.com
About ADAC SE:
Having headquarters in Munich, Germany, ADAC SE is a public company limited by shares under EU law offering mobility-oriented services and products to ADAC members, non-members and B2B customers. It is comprised of 28 affiliated companies and private equity firms including ADAC Versicherung AG (insurance), ADAC Finanzdienste GmbH (financial services), ADAC Autovermietung GmbH (car rental) and ADAC Service GmbH. A growth-oriented market player, ADAC SE progresses digital transformation across all its businesses relying on innovation and future technologies. In the 2018 business year, ADAC SE had a staff of approx. 3,500 and realised a turnover of €1.142 billion and after taxes earnings of €108.0 million.