Legacy specialist DARAG Group Limited has completed its acquisition of The Underwriter Insurance Company Limited, and also its Sale and Purchase Agreement with One Re Ltd.
Both transactions were completed via DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, the legacy specialist’s German operation.
The Underwriter, which is a UK domiciled company that is in run-off, will now serve as DARAG’s primary vehicle for future acquisitions in the UK.
The acquisition of One Re, a London-based non-life reinsurer, was first announced in July of last year, and signalled DARAG’s first UK acquisition.
Commenting on the completion of both transactions, Tom Booth, Chief Executive Officer (CEO) of DARAG, said: “We are very pleased with the rapid completion of both transactions, given their strategic importance to our UK growth plans. 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.”
