DARAG Group Ltd., a Malta-based legacy acquirer, announced the acquisition of The Underwriter Insurance Co. Ltd., a UK-based insurer in run-off. The transaction will be completed through DARAG Deutsche Versicherungs-und Ruckversicherungs-AG, DARAG’s German carrier.
The acquisition is subject to regulatory approval.
The Underwriter provided cover for commercial liability risks through insurance intermediaries between 1998 and 2003. Specialty areas included employers’ liability, professional indemnity, general liability, financial institutions, professional liability and construction risks policies.
The Underwriter has been in solvent run-off since 2003 and will serve as the primary vehicle for future DARAG acquisitions in the UK. It provides DARAG with a UK carrier to enable the company to continue seamlessly trading in the UK market post-Brexit.
“This transaction provides a simple and efficient solution for DARAG’s further expansion into the UK market and full legal and economic finality for The Underwriter shareholders,” said Tom Booth, CEO of DARAG.
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