Düsseldorf, Germany-based insurance company ARAG has agreed to acquire DAS Legal Expenses Insurance in Ireland, from DAS UK Group.
Image: ARAG enters Irish market by acquiring DAS Legal Expenses Insurance. Photo: Courtesy of IndypendenZ/FreeDigitalPhotos.net.
ARAG said that the acquisition is part of its plans to launch operations in Ireland.
ARAG and DAS UK Group have agreed on the business transfer this month. The company will retain the DAS’ present staff. Financial details about the deal were not disclosed.
DAS has been offering legal insurance products for private individuals and commercial enterprises in Ireland for more than 20 years. It claims to have a market share of about 60%, with a gross premium income of about €6m last year and is considered to be the market leader in legal insurance in the country.
ARAG Group CEO and majority shareholder 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.”
The product portfolio offered by DAS Legal Expenses Insurance’s Irish operations includes motor and family legal insurance as well as commercial legal insurance and assistance services. The present management team will be retained, it will continue with the business operations in Dublin.
DAS Ireland CEO Adrienne O’Sullivan said: “This exciting development enables us to continue to strengthen our relationships with our customers and business partners. I am really looking forward to working under the umbrella of the ARAG Group and together with our highly skilled and professional staff I am confident that we will consolidate and expand our market-leading reputation in the Republic of Ireland.”
The acquisition is subject to approval from relevant supervisory authorities.
ERGO International chief operating officer 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.”
In 2017, the German insurance company sold majority of its share in ARAG Lebensversicherungs to Frankfurter Leben. After the deal, ARAG stated that ARAG Leben will be renamed as Frankfurt Münchener Lebensversicherung.