SOBC DARAG, a subsidiary of run-off specialist DARAG UK, has purchased the New Mexico P&C Insurance Company, after securing regulatory nods.
The deal follows SOBC DARAG’s acquisition of Innovative Physicians Solutions RRG (IPS) in July this year. As part of this transaction, Mark Tabler, the COO of IPS joined SOBC DARAG.
SOBC DARAG CEO Stephanie Mocatta 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 run-off as we continue our strategic expansion.
Last month, SOBC DARAG established an office in Bermuda to further expand its business footprint the US and Bermuda markets.
“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 the second half of 2019,” Mocatta added.
In November last year, SOBC DARAG concluded the acquisition of Florida-based Peachtree Casualty Insurance Company.