DARAG Guernsey, part of run-off specialist DARAG, is set to acquire captive re/insurer Thames Water Insurance Company Limited (TWICL) from its parent Kemble Water Finance.
The captive will be renamed DARAG Insurance (Guernsey) Limited and serve as a consolidator for certain future DARAG non EEA legacy deals, including captive acquisitions and other legacy reinsurance contracts.
TWICL, the captive re/insurer for Thames Water and subsidiary companies, was placed into run-off in 2005, providing coverage for burst pipes, public liability, employers’ liability, personal accident, property damage and business interruption and professional indemnity.
“DARAG and SOBC DARAG have developed an expansive international platform over the past year, with the ability to seamlessly conduct business across continental Europe and the UK under DARAG Group Limited in Malta, and more latterly Bermuda and the US under SOBC DARAG,” said Tom Booth, Chief Executive Officer of DARAG.
“DARAG Insurance (Guernsey) will provide a further option for the acquisition of legacy captive and LPT business outside of the EEA. We are an established provider of legacy solutions for captive (re)insurers and are looking to grow our imprint in the sector.
”This transaction provides Kemble Water with legal and economic finality for its liabilities assumed through the Thames Water captive. With a strong pipeline of deals for the next few months, I’m very pleased to announce this acquisition and look forward to concluding more in the future.”
