Legacy Insurer To Buy €180M Zurich Arm In Expansion Bid

Law360, London (September 10, 2019, 3:34 PM BST) -- Malta-based legacy insurer DARAG Group will buy a professional indemnity unit from rival Zurich Insurance PLC and its reserves of more than €180 million ($200 million) in the company's latest move to expand its global presence.

DARAG has made a string of deals recently in a bid to use newly topped-up capital reserves to buy large portfolios and expand the amount of insurance services it can provide, Tom Booth, the company's chief executive, said. The company did not reveal the financial terms of the acquisition.

"This significant transaction in our core German market demonstrates the capabilities of DARAG today," Booth added...

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