DARAG has revealed an equity funding of up to €260 million to develop an effective platform for the build-out of its US operations.
The funding, which has been provided by Aleph Capital and Crestview, follows a period of significant strategic development for DARAG.
The firm expanded its team with the appointment of Stuart Davies as chairman in June and Tom Booth as CEO in July.
Completion is subject to regulatory approvals, which is expected to be close to the end of the year.
Davies commented: “We have a very clear path to become a leading global legacy insurance business. We have already come a long way in Europe, where we are a market leader, and will now be bringing our expertise to the US and beyond, where we see substantial demand for skilled legacy acquirers such as DARAG.”
“Aleph and Crestview’s significant investment will support our ambitious expansion targets and their strong track-record in the insurance sector makes them an excellent partner.”
Hugues Lepic, founder and CEO of Aleph, said: “DARAG is on an exciting trajectory in the rapidly expanding and increasingly important legacy segment of the property and casualty insurance industry. In the coming years we see significant opportunities to drive growth globally and we are very excited to be partnering with Keyhaven and DARAG’s management team to support the company in this next important phase of its development.”
