Peachtree Casualty Insurance Company completes its first assumption of legacy business, looks to complete more in 2019
Peachtree Casualty Insurance Company (“Peachtree”) has completed its first assumption of legacy liabilities since it was acquired by SOBC DARAG in November 2018.
Stephanie Mocatta, CEO of SOBC DARAG said: “We are delighted to have completed this Assumption of a block of legacy business. Since we acquired Peachtree in November 2019, we have been considering the best way to runoff Peachtree and utilize its potential as a licensed carrier. We worked closely with both the seller and FL OIR on this transaction and now have a template for further, future transactions.
We look forward to building Peachtree as an acquirer of legacy business, to the benefit of existing and future policyholders. We are grateful for the support and direction of the FLOIR in this and are looking to expand the existing licenses both geographically and by class.”
Tom Booth, Group CEO of DARAG stated: “DARAG acquired SOBC DARAG 31 December 2019 and since that date we have made significant progress in our expansion plans in the USA and Bermuda, of which this is a great step forward. With the completion of our capital raise, we have the scale and ambition to succeed as a truly global legacy provider.”
Notes to Editors
SOBC DARAG Holdings is ultimately owned by DARAG Group investors. SOBC DARAG Holdings, a direct subsidiary of DARAG UK, is the principal vehicle for future US, Bermudian and Caribbean growth and acquisitions.