Legacy firm DARAG Group Limited (“DARAG”), a leading legacy has announced it has concluded two acquisitions as it seeks to grow its UK operations, with more deals planned.
It has announced the completion of the acquisitions of both The Underwriter Insurance Company Limited (the Underwriter), a UK-based insurer in run-off, and of the previously announced Sale and Purchase Agreement with One Re Ltd (One Re), a London-based non-life reinsurance company. Both transactions were carried out through DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, DARAG’s German carrier.
The company said the Underwriter will now serve as the primary vehicle for future DARAG acquisitions in the UK.
Tom Booth, CEO of DARAG, (pic) 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.”