DARAG completes first company acquisition in Luxembourg
22 December 2020 – DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announced the completion of its acquisition of Arisa Assurances SA (“Arisa”), an automobile and travel insurance company previously owned by ADAC Versicherung AG. The transaction, announced in August, was conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, and has received all requisite regulatory approvals.
Arisa is DARAG’s first company acquisition in Luxembourg. The insurance portfolio, consisting primarily of motor third party liability business, will subsequently be transferred to DARAG Deutsche Versicherungs- und Rückversicherungs-AG with effect for its Luxembourg branch which shall be established.
Tom Booth, CEO of DARAG, said: “Our local expertise and operational capabilities are paramount to maintaining DARAG’s reputation and leading position in the European legacy market and our business continues to develop in the region as a result. More widely, our global transaction pipeline is extremely strong and we have significant appetite and firepower to continue the profitable growth of our business.
The efficient Arisa transaction process is testament to our understanding of the local market and the seamless collaboration between DARAG and the professional teams at ADAC and Arisa.”