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Legacy acquirer and runoff specialist SOBC DARAG on Tuesday said it has acquired New Mexico P&C Insurance Co. in full, effective Sept. 1, after receiving approval from the New Mexico and Florida offices of insurance regulation.
The deal follows SOBC DARAG’s acquisition of Innovative Physicians Solutions Risk Retention Group in July and the opening of a Bermuda office in August, the Ohio-based firm said in a statement.
“Sellers recognize that we continue to offer fast, effective finality solutions for insurance companies in runoff as we continue our strategic expansion,” said Stephanie Mocatta, CEO of SOBC DARAG.
The staff of New Mexico will remain with the parent company and ongoing management of the insurer will be handled by SOBC DARAG’s Ohio operation, the firm said.
Investor-owned SOBC DARAG Holdings Ltd. is a direct subsidiary of DARAG U.K., and the principal vehicle for U.S., Bermudian and Caribbean growth and acquisitions, the statement said.
Bermuda-based hedge fund reinsurer Sandell Re Ltd. and U.S.-based run-off specialist SOBC Corp.'s joint venture firm SOBC Sandell has completed the acquisition of U.S.-based insurer PIA Professional Liability Insurance Company, RRG, Artemis.bm reported. This acquisition will benefit Sandell Re by bringing additional premium float into its business, while Sandell Asset Management Corp. will manage the investment side of the reinsurance business. SOBC will manage these transactions through to run-off.