DARAG Group will acquire Arisa Assurances, an automobile and travel insurance company, marking its first company acquisition in Luxembourg.
The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs, subject to regulatory approvals.
Arisa is a subsidiary of ADAC Versicherung and belongs to ADAC, a public company offering mobility-oriented services and products. Motor third party liability business forms the majority of Arisa’s existing portfolio, which has been in run-off since 2018.
The transaction will provide ADAC Versicherung with legal, operational and economic finality in regard to Arisa as it focuses on its core business.
Tom Booth, chief executive of DARAG, said: “DARAG’s presence and expertise in the German-speaking markets is already unrivalled and we have been growing our business here significantly in the past few years.”
DARAG, Arisa Assurances, ADAC Versicherung