Legacy Insurer DARAG Completes Two Deals In UK Expansion

Law360, London (February 13, 2020, 1:07 PM GMT) -- Malta-based insurer DARAG has completed two major acquisitions of run-off portfolios in the U.K. as it continues its push into the British market.

DARAG Group Ltd., a legacy insurer, said Wednesday it has completed the purchase of British companies The Underwriter Insurance Co. Ltd. and reinsurer One Re Ltd. It did not disclose the terms of either deal.

“We are very pleased with the rapid completion of both transactions, given their strategic importance to our U.K. growth plans,” DARAG Chief Executive Tom Booth said. “It is further testimony to DARAG’s expertise and efficiency in completing legacy deals.”

DARAG is a legacy insurer,...

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