DARAG Group, the Malta-based legacy acquirer that focuses on the European market, announced it has completed the sale of its North American and Bermuda business entities to the RiverStone Group, a subsidiary of Fairfax Financial Holdings Ltd.

Financial details of the deal, which was first announced in August, were not disclosed.

“We are pleased to complete this transaction, which simplifies DARAG’s operations. It allows the group to focus on its core European business, and brings additional capital to execute a strong pipeline of European transactions, several of which are in advanced stages of negotiation,” commented Tom Booth, CEO of DARAG, in a statement. “We will now be bringing firepower to our European core where our strong, well capitalised niche position and good market conditions provide an excellent outlook.”

DARAG was advised by PJT Partners and Nomura as lead financial advisers, RBC as financial adviser, and Proskauer Rose LLP as legal adviser. RiverStone’s legal advisors were Norton Rose Fulbright US LLP. The deal was completed after receiving regulatory approval.

About DARAG

DARAG is a leading international insurance and reinsurance group specializing in the assumption of discontinued business and the provision of capital and operational relief solutions. The group has completed 67 run-off transactions in 21 countries with a value in excess of €1.7 billion.

Source: DARAG