DARAG completes The Underwriter acquisition

Legacy acquirer, DARAG Group has completed the acquisition of The Underwriter, which will serve as a basis for future purchases in the UK. The Underwriter, currently in run-off, offered cover for commercial liability risks between 1998 and 2003.

Separately, the Malta-headquartered group also announced the completion of the sale and purchase agreement with London-based non-life reinsurance company, One Re.

Both transactions were carried out through DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, DARAG’s German carrier.

Chief executive officer of DARAG, Tom Booth said both transactions had a strategic importance to the group’s 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,” he explained.

The Underwriter acquisition was first announced in July 2019.

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