Germany-based ARAG Group has signed an agreement to acquire DAS Legal Expenses Insurance Company in Ireland as part of its global expansion strategy.
The acquired business, which is part of the Ergo Group, will help ARAG Group to capture more than 60% market share in Ireland. In 2018, DAS insurance’s gross premium income stood at about €6m.
As per terms of the DAS Legal acquisition, DAS UK Group will transfer its business to ARAG and the acquirer will retain the present staff.
Upon completion of the transaction, the existing management will continue to manage business in Dublin.
DAS Legal Expenses Insurance Company offers motor and family legal insurance along with commercial legal insurance and assistance services in Ireland.
Commenting on the deal, ARAG Group CEO Dr. Dr. h. c. Paul-Otto Faßbender said: “The Republic of Ireland now becomes the 18th country served by the ARAG Group. We look forward to expanding our reach in Europe and securing promising growth options which is of major strategic interest to us.”
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ERGO International COO Alexander Ankel said: “We’re continuously reassessing our international business activities in terms of strategic relevance, market attractiveness and positioning.
“This agreement is just another logical step to further driving our international portfolio optimization focusing on strategic important regions and markets with sustainable profitable growth.”
The acquisition is subject to regulatory approvals. Financial terms of the deal were not disclosed.