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06.05.2014

ARAG Group Sets Sights on Growth in Spain

ARAG SE is buying the direct, brokered legal insurance business of DEPSA Sociedad Anonima de Seguros y Reaseguros based in Barcelona. This acquisition will enable the ARAG Group to extend its lead in the Spanish legal insurance market and also strengthen its broker sales channel in Spain. The move also represents a further step in the progressive expansion of the international business activities of the Düsseldorf family-owned enterprise.

“The acquisition of this business unit enables us not only to enhance our position in the Spanish market, but also to show that we are convinced of the strength and potential of that market in spite of the severe economic crisis in Spain,” explains Dr. Paul-Otto Faßbender, CEO of ARAG SE. “Given the increasingly favorable economic indicators, it is clear that we have chosen the right time to invest,” adds ARAG’s majority shareholder.

The direct legal insurance operations of DEPSA will be transferred to ARAG SE. The Spanish subsidiary of the ARAG Group – ARAG SE, Sucursal en España – will manage business operations in Barcelona and plans to integrate DEPSA employees of this business unit into its organization.
“The transaction is a very important acquisition with regard to the Spanish legal insurance market and focuses clearly on the broker channel. We have been concentrating on this sales channel for many years and will continue to do so in the future,” explains Mariano Rigau, General Manager of ARAG SE, Sucursal en España, and a member of the Group Executive Committee of ARAG SE. “Therefore, this acquisition as well as this investment are of strategic importance to our business model.

The premium value of the acquired portfolio is 4.9 million EUR”, adds Mariano Rigau.
The Spanish subsidiary of the ARAG Group reported premium income of 95 million EUR during the past business year. It offers family and drivers’ legal insurance and develops special products for homeowners, corporate enterprises and self-employed. ARAG SE, Sucursal en España, also operates a successful travel assistance business.