DARAG buys Luxembourg auto and travel insurer Arisa Assurances
Malta-based legacy acquirer DARAG has acquired Arisa Assurances SA, an automobile and travel insurance company in Luxembourg
The transaction is to be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, and is still subject to regulatory approvals.
Arisa is a subsidiary of ADAC Versicherung AG, belonging to ADAC SE, a public company that offers 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 AG with legal, operational and economic finality, with regards to Arisa, as it focuses on its core business. It will be DARAG’s first company acquisition in Luxembourg.
Tom Booth, CEO of DARAG, in a statement 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. Arisa will be our first acquisition in Luxembourg and demonstrates our firm commitment to clients in the region.”