DARAG Group Ltd., the Malta-based legacy acquirer, announced it has entered into agreement to buy a book of run-off business from One Re Ltd., a London-based non-life reinsurance company.
The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Ruckversicherungs-AG and is subject to regulatory approval.
The financial terms of the transaction – its first in the UK – were not disclosed.
One Re provided reinsurance to African-based insurers for industrial property risks and engineering projects in Africa from 2015 to 2018. One Re is solely owned by 54 North Ltd., and the transaction delivers complete economic and legal finality to the business, said DARAG in a statement.
“54 North were looking for legal and economic finality and our team were able to efficiently assess and agree the acquisition, which provides us with significant portfolio diversification and an entry into the UK market,” said Tom Booth, CEO of DARAG Group.
Source: DARAG
Related:
Topics Mergers & Acquisitions
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