Legacy acquirer DARAG Group is set to acquire The Underwriter Insurance Company, a UK-based insurer in run-off.
This move will see DARAG further its expansion into the UK following its purchase last week of London-based non-life reinsurer One Re.
The transaction, subject to regulatory approval, will be completed through DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, DARAG’s German carrier.
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 also provides DARAG with a UK carrier to enable the company to continue 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, Chief Executive Officer of DARAG.
“The Underwriter’s portfolios are highly complementary to our business and we look forward to announcing further transactions in the future.”