Legacy acquirer DARAG Group has announced the acquisition of One Re, a London-based non-life reinsurance company.
This deal will mark DARAG’s first UK acquisition and follows last year’s €230 million equity funding secured from Aleph Capital and Crestview Partners in an effort to support global growth.
“With this transaction, DARAG cements its reputation as a leading provider of legacy solutions in the European market,” Tom Booth, Chief Executive Officer of DARAG Group.
“Our capital strength, the team’s expertise and the flexibility of our solutions has given us the ability to transact even the most complex legacy risks.”
The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Ruckversicherungs-AG and is subject to regulatory approval. Terms of the transaction were not disclosed.
One Re is solely owned by 54 North Ltd and the transaction delivers complete economic and legal finality to the business.
“54 North were looking for legal and economic finality and our team were able to efficiently assess and agree the acquisition, which provides us with significant portfolio diversification and an entry into the UK market. I am very pleased to announce this deal today,” Booth added.