DARAG completes dual acquisitions in UK expansion
Legacy acquirer DARAG Group (DARAG), has completed the acquisitions of both The Underwriter Insurance Company (The Underwriter), a UK-based insurer in run-off, and of the previously announced sale and purchase agreement with One Re (One Re), a London-based non-life reinsurance company. Both transactions were carried out through DARAG Deutsche Versicherungs- und Ruckversicherungs, DARAG’s German carrier.
The Underwriter will serve as the primary vehicle for future DARAG acquisitions in the UK.
Tom Booth, 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.”
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