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SOBC DARAG, the joint venture formed between US-based runoff specialist SOBC and international legacy acquirer DARAG, has announced the completion of its first acquisition, Peachtree Casualty Insurance Company.
SOBC DARAG’s Ohio team has taken over day-to-day management and claims handling at Florida-based Peachtree to ensure a successful runoff.
“We are really pleased to have closed our first transaction under our new joint venture between SOBC and DARAG,” said Stephanie Mocatta, SOBC DARAG CEO. “Working together with DARAG has been extremely satisfying. We have been able to work efficiently and effectively to get this transaction completed in a short timeframe. We are now working together on several more potential transactions and look forward to considerable expansion of SOBC DARAG here in the USA.”
“The completion of Peachtree is the first step in our exciting expansion plans into the USA,” said Tom Booth, group CEO of DARAG. “DARAG Group, having raised an additional equity commitment of €260 million ($300 million) in July, is committed to expansion in the USA and Bermuda markets. SOBC DARAG will be the platform to achieve this. We are looking forward to considerable growth in this area over the next 12 to 24 months.”
