DARAG completes sale of North American subsidiaries
DARAG Group has completed the sale of its North American and Bermuda operations to rival legacy insurer The RiverStone Group, following regulatory approval.
The sale, announced in August, will enable DARAG to "bring firepower" to its European business, the company said.
Terms were not disclosed.
“We are pleased to complete this transaction, which simplifies DARAG’s operations," said Tom Booth (pictured), chief executive officer of DARAG. "It allows the Group to focus on its core European business, and brings additional capital to execute a strong pipeline of European transactions, several of which are in advanced stages of negotiation.
"We will now be bringing firepower to our European core where our strong, well capitalised niche position and good market conditions provide an excellent outlook.“
DARAG was advised by PJT Partners and Nomura as lead financial advisers, RBC as financial adviser, and Proskauer Rose LLP as legal adviser. RiverStone’s legal advisors were Norton Rose Fulbright US LLP.
RiverStone is a unit of Canadian insurance group Fairfax Financial and has $2.5 billion in assets.
Bob Sampson, president of RiverStone, said at the time the acquisition was announced that it would boost its market visibility in several North America insurance segments.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
