Hedge Fund Acquires AIG's German Marine Insurer Darag

AIG Hedge Fund Auger Acquires AIG-Owned German Marine Insurer Darag: "HEILBRONN, Germany, Jan 06, 2009 (A. M. Best via COMTEX) -- German marine insurer and reinsurer Deutsche Versicherungs Ruck A.G., a subsidiary of insurer Wurttembergische und Badishe Versicherung, has been sold to hedge fund Auger Capital.

Wuba, which is a subsidiary of American International Group, bought up Darag in July 2006. Auger Capital has agreed to buy 100% of Darag's shares for an undisclosed sum. The deal is subject to regulatory approval, but the participants expect to close the transaction by the end of the first quarter of 2009."