Bristol has become the base for a major new force in the specialist insurance market following completion of a deal involving two firms with their UK head offices in the city.
The acquisition of Bristol-headquartered legal protection insurer DAS UK by ARAG, creates a business with around 800 staff in the city.
Under the deal, announced last summer and recently completed following regulatory approval, DAS UK will remain independent “for the time being”, ARAG said this week.
In the longer term, the DAS name will disappear in the UK, with the merged business operating under the ARAG brand.
At present DAS UK operates from offices in Trinity Quay, Avon Street, while ARAG’s UK head office is on Whiteladies Road.
DAS, which has been a pioneer in the legal expenses insurance market since the concept was first introduced to the UK in 1975, was acquired by ARAG from the German ERGO Group – one of Europe’s largest insurance groups whose majority shareholder is insurance giant Munich Re.
As well as its legal expenses insurance company, DAS UK – employs around 550 people in its Bristol head office – also owns a law firm servicing legal expense claims. Both are supported by an administrative services company DAS Services.
ARAG, also German-owned, launched in the UK from Bristol in 2006. It provides a comprehensive suite of before-the-event and after-the-event legal insurance products and assistance to protect businesses and individuals.
It is part of the global ARAG Group, which employs more than 4,700 people in 19 countries around the world.
A seven-strong executive management committee (EMC) will be set up for ARAG UK, subject to regulatory approval, with three members from ARAG plc, three from DAS UK, and one from the wider ARAG Group of companies.
It will be led by ARAG plc managing director Tony Buss as CEO with Tony Coram, previously CEO of DAS UK, becoming COO.
Dr Renko Dirksen, speaker of the ARAG SE board of management, said: “This is an important moment for our group as we continue to deliver against our strategy for growth and expansion in key international markets.
“This now makes the UK our largest operation outside of Germany. I am pleased we have been able to establish a balanced EMC for ARAG UK and, while both companies will continue running operations separately for now, we will gradually work towards having both companies operate under the ARAG brand.”
Tony Buss added: “This development will bring benefits to all our stakeholders.
“It will allow us to share knowledge and skills, and to bring new ideas, products and services to our customers, including further digitalisation of our offering.
“Our many dedicated employees are the key to achieving this as they support our customers every day.
“I am excited about how this new chapter will encourage even more collaboration and best practice.”
Tony Coram said the move marked the start of a “strong new partnership – one underpinned by experience, great people and a deep understanding of legal insurance”.
He added: “Together we have the opportunity to invest for the long term – in our UK based products, operations, systems and employees.”
The ARAG Group previously acquired DAS UK’s branch in Ireland in 2019 and ERGO Group’s DAS business in Canada in 2021.
