SOBC DARAG has acquired New Mexico’s Property and Casualty (P&C) insurance company after receiving approvals from New Mexico OSI and Florida OIR for the transaction.
This marks the latest in a series of deals completed by SOBC DARAG, including the recent acquisition of Innovative Physicians Solutions RRG.
As part of the acquisition, Mark Tabler, the COO of IPS, moved to SOBC DARAG to help with the development of the firm.
SOBC DARAG also opened a new office on 1 August in Bermuda as part of its expansion into the US and Bermuda markets.
Dan Linden joined as head of SOBC DARAG’s Bermuda office, Joel Neal joined as the executive vice president, Ryan Heyrana as the vice president, and Lucy Foster as the financial controller/captive manager.
Following SOBC DARAG new acquisition, Stephanie Mocatta, CEO, SOBC DARAG, said: “The acquisition of New Mexico P&C Insurance Company follows hot on the heels of a number of transactions as SOBC DARAG continues to grow.”
“I am grateful to my team at SOBC DARAG for working quickly and efficiently on this deal and bringing it to a successful conclusion. Sellers recognise that we continue to offer fast, effective finality solutions for insurance companies in the run-off as we continue our strategic expansion.”
She added: “With the new senior hires in Bermuda, we have more expertise and more capacity as a group and I expect to see a significant number of transactions completed in H2 2019.”