Malta-based legacy acquirer DARAG has acquired Luxembourg-based automobile and travel insurance company Arisa Assurances.

The deal was carried out through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs, after receiving all requisite regulatory approvals.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Financial terms of the deal, which was first announced in August this year, were not revealed.

Arisa, which was previously owned by ADAC Versicherung, marks DARAG’s first acquisition in Luxembourg.

The company intends to transfer Arisa’s insurance portfolio, which mainly comprises motor third party liability business, to DARAG Deutsche Versicherungs- und Rückversicherungs with effect for its Luxembourg branch which will be launched later.

DARAG CEO Tom Booth said: “Our local expertise and operational capabilities are paramount to maintaining DARAG’s reputation and leading position in the European legacy market and our business continues to develop in the region as a result.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“More widely, our global transaction pipeline is extremely strong, and we have significant appetite and firepower to continue the profitable growth of our business.

Booth added: “The efficient Arisa transaction process is testament to our understanding of the local market and the seamless collaboration between DARAG and the professional teams at ADAC and Arisa.”

DARAG focus on taking over discontinued insurance and reinsurance businesses and offering capital relief solutions.

The group is said to have completed 41 run-off transactions in 20 countries with a value in excess of €1.3bn ($1.6bn).

In January this year, DARAG announced the completion of a transaction with a Multi-National insurance company for more than $100m.

Last year, DARAG Group signed a new portfolio transfer pact with Germany-based re/insurer major SCHWARZMEER UND OSTSEE Versicherungsaktiengesellschaft (SOVAG).