DARAG has completed an Israeli reinsurance transaction and received regulatory approval for the acquisition of Ikano Försäkring, the Stockholm-based Swedish captive owned by Ikano Group.
DARAG, in partnership with Guy Carpenter and Resolutions Reinsurance Broker, has completed the transaction in Israel with an undisclosed insurer, in what is believed the first transaction of this kind in Israel.
The Swedish regulator, SFSA, has approved the acquisition, which was originally announced on 6 April 2017.
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.”
He continued: “The acquisition of Ikano Försäkring 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."
Also commenting, Alex Roth, head of M&A at DARAG, explained: “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.”
He added: “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.”
Ikano Group, which was originally a part of IKEA, became an independent group of companies in 1988 and now focuses on areas such as finance, insurance, real estate and retail in Asia, with a head office in Luxembourg.
