Thu, 18 Jan 2024 | BUSINESS SALE
DAS UK, a legal protection insurance business based in Bristol, has been acquired by international insurance group ARAG Group. The company has been acquired from German-headquartered ERGO Group’s property and casualty insurance subsidiary ERGO Versicherung AG.
The company will initially remain independent from ARAG plc, ARAG Group’s existing UK managing general agent. Following the deal, a new executive management committee (EMC) for ARAG UK will be set up, comprising three members from DAS UK, three from ARAG plc and one from the wider ARAG Group.
The EMC will be led by ARAG plc Managing Director Tony Buss as Chief Executive, while former DAS UK CEO Tony Coram will become Chief Operating Officer. DAS UK and ARAG plc collectively represent approximately £190 million in gross written premium (GWP) and, as of 2022, had around 800 employees between them.
Dr Renko Dirksen, speaker of the board of management of ARAG SE, said: "This is an important moment for our group as we continue to deliver against our strategy for growth and expansion in key international markets.”
"This now makes the UK our largest operation outside of Germany. I am pleased we have been able to establish a balanced EMC for ARAG UK and, while both companies will continue running operations separately for now, we will gradually work towards having both companies operate under the ARAG brand."
Tony Buss added that the deal would enable the firms to “share knowledge and skills, and to bring new ideas, products, and services to our customers, including further digitalisation of our offering.”
Find out more about the trends shaping M&A activity in the UK's highly-fragmented insurance industry
Despite 2023 being a tough year for M&A, the UK retained its place as the most attractive destination in Europe for inbound and domestic investment and the second most attractive worldwide
A bustling pub in Pontefract, West Yorkshire, presents a unique opportunity with potential for building development.
FREEHOLD
Opportunity to acquire a well-established sign manufacturing and installation business in North West England, known for its quality craftsmanship and reliable service.
A well-known and much loved entertainment venue which is the central hub of this seaside town community on the Durham coast. Located between Sunderland and Durham this town boasts beautiful beaches and a thriving and rapidly expanding community.
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.