Malta-based legacy acquirer DARAG has acquired Luxembourg-based automobile and travel insurance company Arisa Assurances.

The deal was carried out through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs, after receiving all requisite regulatory approvals.

Financial terms of the deal, which was first announced in August this year, were not revealed.

Arisa, which was previously owned by ADAC Versicherung, marks DARAG’s first acquisition in Luxembourg.

The company intends to transfer Arisa’s insurance portfolio, which mainly comprises motor third party liability business, to DARAG Deutsche Versicherungs- und Rückversicherungs with effect for its Luxembourg branch which will be launched later.

DARAG CEO Tom Booth said: “Our local expertise and operational capabilities are paramount to maintaining DARAG’s reputation and leading position in the European legacy market and our business continues to develop in the region as a result.

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“More widely, our global transaction pipeline is extremely strong, and we have significant appetite and firepower to continue the profitable growth of our business.

Booth added: “The efficient Arisa transaction process is testament to our understanding of the local market and the seamless collaboration between DARAG and the professional teams at ADAC and Arisa.”

DARAG focus on taking over discontinued insurance and reinsurance businesses and offering capital relief solutions.

The group is said to have completed 41 run-off transactions in 20 countries with a value in excess of €1.3bn ($1.6bn).

In January this year, DARAG announced the completion of a transaction with a Multi-National insurance company for more than $100m.

Last year, DARAG Group signed a new portfolio transfer pact with Germany-based re/insurer major SCHWARZMEER UND OSTSEE Versicherungsaktiengesellschaft (SOVAG).