RiverStone Group has entered into an agreement to acquire North American and Bermuda business entities from DARAG Group. The sale is expected to close by year-end.
According to the companies, both parties are committed to ensuring there is no disruption to the business entities and their healthy transaction pipeline as they transition over to the RiverStone Group.
DARAG says the transaction will simplify the firm's operations, allowing the company to focus on its core European business and bring additional capital to execute its strong pipeline of European transactions, several of which are in advanced stages of negotiation.
Bob Sampson, president of RiverStone, states: "We are thrilled to integrate DARAG’s North American team into our dynamic fold. It will bring additional talent to RiverStone’s highly experienced teams, support our unparalleled reputation, and continue to build on the success we have each created in the legacy and captive insurance markets.”
Tom Booth, CEO of DARAG, says: “I look forward to the opportunity this transaction presents to bring focused firepower to our European core. Our strong, well-capitalised niche position and good market conditions give us great optimism for our European business.“
