SOBC DARAG today announced that it has acquired New Mexico P&C Insurance Company in full, effective 1 September 2019. SOBC DARAG has received approvals from New Mexico OSI and Florida OIR for the transaction.
It is the latest in a series of deals completed by SOBC DARAG, including the recent acquisition of Innovative Physicians Solutions RRG (“IPS”). In August, SOBC DARAG also opened a Bermuda office with a series of senior hires.
Stephanie Mocatta, CEO of SOBC DARAG, said:
“The acquisition of New Mexico P&C Insurance Company follows hot on the heels of a number of transactions as SOBC DARAG continues to grow. I am grateful to my team at SOBC DARAG for working quickly and efficiently on this deal and bringing it to a successful conclusion. Sellers recognize that we continue to offer fast, effective finality solutions for insurance companies in run-off as we continue our strategic expansion.
“With the new senior hires in Bermuda we have more expertise and more capacity as a Group and I expect to see a significant number of transactions completed in the second half of 2019”