ARAG and the DAS UK Group reached agreement on the business transfer and retention of the present staff in February 2019.
The transaction still awaits approval by the relevant supervisory authorities for the insurance industry. Both parties have agreed to maintain confidentiality regarding the purchase price.
DAS has been offering legal insurance products for private individuals and commercial enterprises in the Republic of Ireland for over 20 years.
With a market share of roughly 60% and gross premium income of approximately EUR 6 million in 2018, the company is the market-leading provider of legal insurance in the Republic of Ireland.
"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", explained Paul-Otto FASBENDER, CEO and majority shareholder of the ARAG Group.
The present management team will remain responsible for business operations in Dublin.
The product portfolio offered by DAS Legal Expenses Insurance Company Limited's Irish operations includes motor and family legal insurance as well as commercial legal insurance and assistance services.
"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", said Adrienne O'SULLIVAN, CEO DAS Ireland.
"We're continuously reassessing our international business activities in terms of strategic relevance, market attractiveness and positioning", says Alexander ANKEL, Chief Operating Officer ERGO International AG. "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."