DARAG completes Israeli legacy deal

European run-off insurance company DARAG has announced a legacy transaction in Israel with an undisclosed insurer.

According to the statement, DARAG, in cooperation with brokers Guy Carpenter (UK/Germany) and Resolutions Reinsurance Broker (Israel), has completed the Israeli reinsurance transaction.

In addition, DARAG has also received the regulatory approval for the acquisition of Stockholm-based Ikano Försäkring, the Swedish insurance arm of Ikano Group.

The deal, which was first announced in April 2017, provides Ikano finality in relation to its insurance business.

Stuart Davies, executive chairman of DARAG, said: "Both these transactions are important steps for DARAG as we both continue to steadily grow the business in our core markets and approach new geographies in DARAG’s true pioneering spirit.

"The acquisition of Ikano Försäkring AB is a key transaction for DARAG and demonstrates how we can add value to our clients and partners, while our Israeli transaction will provide a model for similar deals in the future."

Alex Roth, head of M&A at DARAG, said: "DARAG is pursuing an effective and sustainable strategy of development in markets we have identified as core or where we believe there will be interest and need for the solutions we provide. With a series of further deals in the pipeline, we are pleased our innovative approach delivers effective solutions and helps our partners achieve their business objectives while continuing our growth and expansion."