Augur Capital divests stake in DARAG to Keyhaven

Augur Capital has sold its stake in DARAG to Keyhaven Capital Partners. No financial terms were disclosed. Based in Germany, DARAG is a run-off insurer.


FRANKFURT, GERMANY and LUXEMBURG–(Marketwired – Jul 17, 2014) – Private equity investor Augur Capital has successfully sold its stake in DARAG Deutsche Versicherungs- und Rückversicherungs-AG to Keyhaven Capital Partners. With the approval of Keyhaven as buyer by the German regulator BaFin, both parties were now able to close the transaction.

DARAG has been acquired by Augur in April 2009 and was successfully restructured and repositioned as the first reinsurance company specialized in Run-off in continental Europe.

Günther P. Skrzypek, Managing Partner at Augur Capital, regards the sale of DARAG as a proof of Augur’s successful investment strategy:

“Due to our active management approach, we were able to reposition the company and occupy a promising market niche. With the new ownership structure, DARAG will be able to continue its excellent growth story and further strengthen its market position. We wish DARAG and its employees all the best for the future.”

Augur Capital S.A.
Augur Capital is a Luxembourg-based private equity advisor with a subsidiary in Germany. Established in 2003, the investment specialist manages investments in the banking, insurance and asset- management sectors. Since 2006, Augur has raised more than EUR 327 Million in capital commitments and is currently managing two private equity funds. Augur’s investors include leading pension funds, fund of funds and family offices from around the world.

DARAG Deutsche Versicherungs- und Rückversicherungs-AG
DARAG Deutsche Versicherungs- und Rueckversicherungs-AG is the first German direct and reinsurance company specialised in Run-off. DARAG takes over inactive or discontinued business from direct insurers and reinsurers. Consequently, DARAG conclusively relieves these companies from old risks and guarantees professional settlement of claims. According to a study by PWC in 2013, the European Run-off market amounts to around EUR 235 billion. Last year, DARAG has aquired seven inactive portfolios, bringing its total number of deals to 17 since starting business in 2009.

Keyhaven Capital Partners Ltd.
Keyhaven Capital is an independent, London-based private equity firm founded in 2003. Keyhaven invests in European businesses through primary partnerships, secondary and direct investments. Since inception, the firm has invested in excess of EUR 1.6 billion on behalf of its investors.