DARAG Group, the Malta-based legacy acquirer that focuses on the European market, introduced it has accomplished the sale of its North American and Bermuda enterprise entities to the RiverStone Group, a subsidiary of Fairfax Monetary Holdings Ltd.
Monetary particulars of the deal, which was first announced in August, weren’t disclosed.
“We’re happy to finish this transaction, which simplifies DARAG’s operations. It permits the group to give attention to its core European enterprise, and brings extra capital to execute a powerful pipeline of European transactions, a number of of that are in superior levels of negotiation,” commented Tom Sales space, CEO of DARAG, in a press release. “We are going to now be bringing firepower to our European core the place our sturdy, properly capitalised area of interest place and good market situations present a wonderful outlook.”
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 advisors have been Norton Rose Fulbright US LLP. The deal was accomplished after receiving regulatory approval.
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 international locations with a price in extra of €1.7 billion.
Supply: DARAG
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