Darag buys UK-based insurer in run-off, The Underwriter
International re/insurance firm Darag has bought The Underwriter, a UK-based insurer in run-off.
Darag’s latest acquisition is part of expansion plans and the deal will be completed through DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, the firm’s German carrier.
The Underwriter provided cover for commercial liability risks through insurance intermediaries between 1998 and 2003. Its specialty areas included employers’ liability, professional indemnity, general liability, financial institutions, professional liability and construction risks policies. The insurer has been in solvent run-off since 2003 and will serve as the primary vehicle for future DARAG acquisitions in the UK. The deal also means Darag can continue to trade “seamlessly” in the UK market post-Brexit via the UK carrier.
Tom Booth, Darag CEO, said: “This transaction provides a simple and efficient solution for [our] further expansion into the UK market and full legal and economic finality for The Underwriter shareholders. The Underwriter’s portfolios are highly complementary to our business and we look forward to announcing further transactions in the future.”
The completion of the transaction is subject to regulatory approval.
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