Legacy acquirer DARAG Group (“DARAG”) has entered into a Stock Purchase Agreement and received the relevant regulatory approval for the purchase of a Nebraska based P&C company.
This Nebraska entity was immediately merged into the previously acquired Texas entity, upon receiving the necessary regulatory approvals, to provide an immediate increase in surplus to assist with the expansion of the Texas entity’s capabilities across all 50 states and meet key organizational objectives in North America.
Daniel Linden, CEO of DARAG North America, commented:
“DARAG is excited to continue working towards an ever increased presence within the North American Market. With the merging of this Nebraska entity into our key, Texas based entity, the immediate boost to surplus assists us with executing our plan for expansion of this entity across all 50 states. With this planned expansion comes key capabilities to reach underserved markets to provide exit solutions that we previously did not have access to.”
Tom Booth, Group CEO commented:
‘This acquisition is proof of the continued strong level of transactional activity of DARAG within the legacy market. The subsequent merger illustrates the capital and operational benefits we can now bring to bear for the benefit of our clients and policyholders alike’.