DARAG Group Ltd., the Malta-based legacy acquirer, announced the completion of the acquisitions of both The Underwriter Insurance Co. Ltd., a UK-based insurer in run-off, and of the previously announced sale and purchase agreement with One Re Ltd., a London-based non-life reinsurance company.
Both transactions were carried out through DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, DARAG’s German carrier.
The Underwriter will serve as the primary vehicle for future DARAG acquisitions in the UK.
“We are very pleased with the rapid completion of both transactions, given their strategic importance to our UK growth plans,” said Tom Booth, CEO of DARAG. “We now have both an acquisition platform and a significant and diversified portfolio in the UK, which will form the basis for our continued expansion in this market. It is further testimony to DARAG’s expertise and efficiency in completing legacy deals and we look forward to announcing further acquisitions in the future.”
DARAG specializes in the assumption of discontinued business and the provision of capital relief solutions. The group has completed 34 run-off transactions in 18 countries with a value in excess of €1.1 billion ($1.2 billion).
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