SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced the acquisition of Innovative Physicians Solutions RRG (IPS).
IPS, a Vermont-based risk retention group (RRG), was acquired in full effective from July 1, 2019.
SOBC DARAG said that it had received approval for the transaction from Vermont’s Department of Financial Regulation.
Following the acquisition, Mark Tabler, current Chief Operating Officer (COO) at IPS, will transfer to SOBC DARAG to help with the transition.
“This is our second acquisition in Vermont of a risk retention group (“RRG”) in recent months and our fourth overall,” said Stephanie Mocatta, Chief Executive Officer (CEO) of SOBC DARAG.
“We continue to provide market-leading solutions for true finality for members of RRGs and are pleased to be building upon previously completed transactions, including the acquisition of American Safety,” she continued.
“I would also like to welcome Mark Tabler to SOBC DARAG and look forward to working with him to ensure Innovative Physicians Solutions policyholders retain the highest level of service.”
Tabler also commented: “The RRG has served its member insureds in a serviceable, respectful and responsible manner over the past 15 years. It was my pleasure to serve as the COO of the RRG.
“I have full faith and confidence in SOBC DARAG to run out the company in a manner that will be fitting and serviceable to all the members.”