Legacy acquirer DARAG Group has signed an agreement with UK-based insurer Soteria Insurance Limited (SIL), formerly the underwriting arm of the Co-operative Group.
Under the Loss Portfolio Transfer (LPT), DARAG Deutschland AG will reinsure a portfolio of UK commercial policies in run-off written by SIL, previously known as CIS General Insurance Limited.
The LPT is expected to be followed by a Part VII transfer of the portfolio to DARAG Insurance UK Limited, subject to regulatory approval.
Tom Booth, CEO of DARAG, said, “We’re extremely pleased to close this UK transaction, further demonstrating DARAG’s premier position in offering legacy solutions to the UK and European markets.
“It is a great way to end Q1 of 2025, our 15th year operating as a run-off consolidator. Our track record in providing legal finality is unparalleled in the European market and I look forward to announcing further deals over the coming weeks and months.”
This announcement follows DARAG’s January 2025 acquisition of a run-off portfolio from wefox Insurance AG, which includes Motor Damage, Third-Party Liability, Private Liability, and Property business across Germany, Italy, and Switzerland.
