Legacy acquirer, DARAG Group Limited has announced the acquisition of Arisa Assurances SA.
Arisa is an automobile and travel insurance company based in Luxembourg and is a subsidiary of ADAC Versicherung AG.
The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, and remains subject to regulatory approvals.
The deal will provide ADAC Versicherung AG with legal, operational and economic finality, with regards 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.”
Financial details of the transaction were not disclosed.
This news comes after DARAG announced the appointment of Elliot Goss as Group Head of Claims.
