DARAG Group Limited has acquired The Underwriter Insurance Company Limited, a UK-based insurer in run-off.
Image: DARAG acquires The Underwriter. Photo: Courtesy of Joykid/FreeDigitalPhotos.net
The transaction will be completed through DARAG Deutsche Versicherungs- und Ruckversicherungs-AG, DARAG’s German carrier, and is subject to regulatory approval.
The Underwriter provided cover for commercial liability risks through insurance intermediaries between 1998 and 2003. Specialty areas included employers’ liability, professional indemnity, general liability, financial institutions, professional liability and construction risks policies.
The Underwriter has been in solvent run-off since 2003 and will serve as the primary vehicle for future DARAG acquisitions in the UK. It also provides DARAG with a UK carrier to enable the company to continue seamlessly trading in the UK market post-Brexit.
Tom Booth, CEO of DARAG, said: “This transaction provides a simple and efficient solution for DARAG’s 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.”
Source: Company Press Release