European legacy acquirer DARAG has announced the formation of a strategic partnership with New Nordic Advisors, a London-based investment management company, which will combine the parties’ legacy and asset management expertise in a new jointly owned cell.
DARAG and New Nordic expect their joint initiatives to commence imminently, and plan to collaborate on a number of product areas, including the provision of legacy, active business, and restructuring solutions.
DARAG’s Protected Cell Company in Malta will act as the platform for the joint consolidation, but following this agreement a new jointly owned cell will be established.
“This strategic partnership is a milestone for our Group and further showcases our commitment to both consistent growth in our core markets and a creative and open approach to future partnerships and projects,” said Stuart Davies, Executive Chairman of DARAG.
He added: “The partnership with New Nordic will also strengthen our bespoke client offering, which we tailor according to need, regardless of complexity or size. Clients today require holistic and compact solutions and we are committed to providing just that.”
Nicolai Borcher Hansen, Chief Executive Officer (CEO) of New Nordic, also commented: “This partnership signals the strong cooperation between our teams and opens the opportunity to explore further projects in a collaborative manner. New Nordic is evolving its strategy to provide alternative investment strategies with a focus on Northern Europe and Scandinavia.”
Additionally, Alex Roth, Head of M&A at DARAG said: “This partnership is the result of an established close collaboration between our teams, common values and a shared commitment to provide solutions designed with a relentless focus on each individual client’s needs.
“Our joint cell in Malta will deliver both unrivalled legacy expertise and excellent asset management. Together, DARAG and New Nordic will provide a truly exceptional client offering.”
New Nordic Capital, which is a subsidiary of the New Nordic Group, specialises in Solvency II optimised investment strategies and will bring asset management capabilities to the partnership.
DARAG is a specialised run-off insurer which relieves other re/insurance companies of old risks by assuming inactive or discontinued business and guaranteeing the professional settlement of claims.
