SOBC DARAG has agreed to acquire Peachtree Casualty Insurance Co.

SOBC DARAG is a joint venture between German insurer DARAG Deutsche Versicherungs-und Rückversicherungs-AG and New York-based run-off specialist SOBC intended to support the former's expansion into the U.S. and Bermuda/Caribbean run-off markets.

Peachtree Casualty is a San Diego-based, Florida-domiciled nonstandard auto insurer that is in run-off. The acquisition is subject to regulatory approval and is expected to close in the third quarter.