DARAG Group, the Malta-based legacy acquisition firm, introduced it has agreed to promote its North American and Bermuda enterprise entities to the RiverStone Group, a subsidiary of Fairfax Monetary Holdings Ltd.
The sale, which is topic to regulatory approvals, is anticipated to shut by yr finish. Monetary particulars weren’t disclosed.
DARAG stated this transaction simplifies its operations and permits the group to concentrate on its core European enterprise, bringing further capital “to execute its sturdy pipeline of European transactions, a number of of that are in superior levels of negotiation.”
“We’re happy to go this wonderful and well-established area of interest enterprise into the arms of an incredible firm like RiverStone,” commented Tom Sales space, CEO of DARAG.
Sales space stated the transaction supplies the chance for DARAG to concentrate on its European core. “Our sturdy, effectively capitalised area of interest place, and good market circumstances, give us nice optimism for our European enterprise,” he stated.
DARAG and RiverStone Group stated they’re dedicated to making sure there isn’t any disruption to the enterprise entities and their transaction pipeline.
“This acquisition completely matches our development technique, bolstering our capabilities and considerably boosting our market visibility in a number of North America insurance coverage segments. We’re assured that this transaction will gasoline innovation, encourage superior service, and create a robust synergy that advantages our purchasers,” in response to Bob Sampson, president of RiverStone, in a press release.
One other legacy acquisition specialist, R&Q Insurance coverage Holdings Ltd., was put into liquidation in Bermuda in June after dealing with months of adversarial loss improvement and different cash-flow points, which had prompted the corporate to promote its property/casualty program administration subsidiary, Accredited, to Onex Companions, the Canadian non-public fairness firm. That sale was efficiently completed at the end of June.
DARAG was suggested by PJT Companions and Nomura as lead monetary advisers, RBC as monetary adviser, and Proskauer Rose LLP as authorized adviser. RiverStone’s authorized advisers have been Norton Rose Fulbright US LLP.
About DARAG
DARAG is a number one worldwide insurance coverage and reinsurance group specializing within the assumption of discontinued enterprise and the availability of capital and operational reduction options. The group has accomplished 67 run-off transactions in 21 nations with a worth in extra of €1.7 billion ($1.9 billion).
Supply: DARAG
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