SOBC DARAG, the joint venture between U.S run-off specialist SOBC and European legacy acquirer DARAG, has announced that Peachtree Casualty Insurance Company has completed its first assumption of legacy business.
Peachtree, which was acquired by SOBC DARAG in November 2018, will also look to complete more assumption of legacy liabilities over the rest of 2019, the company said.
Stephanie Mocatta, CEO of SOBC DARAG said: “We are delighted to have completed this Assumption of a block of legacy business,” said Stephanie Mocatta, Chief Executive Officer (CEO) of SOBC DARAG.
“Since we acquired Peachtree in November 2018, we have been considering the best way to runoff Peachtree and utilize its potential as a licensed carrier. We worked closely with both the seller and FL OIR on this transaction and now have a template for further, future transactions,” Mocatta continued.
“We look forward to building Peachtree as an acquirer of legacy business, to the benefit of existing and future policyholders. We are grateful for the support and direction of the FLOIR in this and are looking to expand the existing licenses both geographically and by class.”
Tom Booth, Group CEO of DARAG, also commented: “DARAG acquired SOBC DARAG 31 December 2018 and since that date we have made significant progress in our expansion plans in the USA and Bermuda, of which this is a great step forward.”
“With the completion of our capital raise, we have the scale and ambition to succeed as a truly global legacy provider,” he added.
SOBC DARAG Holdings is ultimately owned by DARAG Group investors. It is also a direct subsidiary of DARAG UK, and is the principal vehicle for future U.S, Bermudian and Caribbean growth and acquisitions.