Legacy acquirer DARAG has completed an Israeli reinsurance transaction and has received regulatory approval for the acquisition of Ikano Försäkring AB.
DARAG finalised the transaction in cooperation with brokers Guy Carpenter and Resolutions Reinsurance Broker
DARAG, a leading European legacy acquirer, today announces completion of a pioneering Israeli reinsurance transaction and, both key milestones in DARAG’s 2017 strategy.
DARAG, in cooperation with brokers Guy Carpenter (UK/Germany) and Resolutions Reinsurance Broker (Israel), has completed a legacy transaction in Israel with an undisclosed insurer, the first of its kind in Israel. This positions DARAG as a recognised solvency solutions reinsurer within the Israeli market.
The Swedish regulator, SFSA, has approved the acquisition of Ikano Försäkring AB by DARAG, the Swedish insurance arm of Ikano Group. The deal, which was originally announced on April 6, 2017, provides Ikano finality in relation to its insurance business.
Stuart Davies, Executive Chairman of DARAG, said: “Both these transactions are important steps for DARAG as we both continue to steadily grow the business in our core markets and approach new geographies in DARAG’s true pioneering spirit. The acquisition of Ikano Försäkring AB is a key transaction for DARAG and demonstrates how we can add value to our clients and partners, while our Israeli transaction will provide a model for similar deals in the future.”
Alex Roth, Head of M&A at DARAG, said: “DARAG is pursuing an effective and sustainable strategy of development in markets we have identified as core or where we believe there will be interest and need for the solutions we provide. With a series of further deals in the pipeline, we are pleased our innovative approach delivers effective solutions and helps our partners achieve their business objectives while continuing our growth and expansion.”
