SOBC DARAG, the joint venture (JV) between the US-based run-off specialist SOBC and the legacy acquirer DARAG, has concluded the acquisition of Peachtree Casualty Insurance Company.

The acquisition of Florida-based Peachtree was completed following approval from the Florida Office of Insurance Regulation (FL OIR).

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The transaction, whose financial terms were not disclosed, is said to be first deal by SOBC DARAG in the US.

The Ohio based team of SOBC DARAG has assumed the routine management and claims handling to ensure a successful run-off.

Commenting on the acquisition, SOBC DARAG CEO Stephanie Mocatta said: “We are really pleased to have closed our first transaction under our new joint venture between SOBC and DARAG.

“Working together with DARAG has been extremely satisfying; we have been able to work efficiently and effectively to get this transaction completed in a short time frame. We are now working together on several more potential transactions and look forward to considerable expansion of SOBC DARAG here in the USA.”

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DARAG group CEO Tom Booth said: “The completion of Peachtree is the first step in our exciting expansion plans into the USA. DARAG Group, having raised an additional equity commitment of €260m ($300m) in July, is committed to expansion in the USA and Bermuda markets: SOBC DARAG will be the platform to achieve this.  We are looking forward to considerable growth in this area over the next 12 to 24 months.”

Peachtree will be ultimately owned by the newly-formed DARAG Guernsey, owned by DARAG Group Investors. SOBC DARAG, a direct subsidiary of DARAG Guernsey, will act as the principal vehicle for the acquisitions in the US and other non-EU area in future.