DARAG Group (“DARAG” or “the Group”), a leading legacy acquirer focused on the European and UK market, today announced that it has signed an agreement with UK-based insurer Soteria Insurance Limited (SIL), the former underwriting business of the Co-operative Group.
Under the Loss Portfolio Transfer (‘LPT’), a portfolio of UK commercial policies in run-off written by SIL (formerly CIS General Insurance Limited) are to be reinsured by DARAG Deutschland AG. Subject to regulatory approvals, this LPT is then expected to be followed by a Part VII transfer of the same portfolio of policies into DARAG Insurance UK Limited.
Tom Booth, CEO of DARAG, said: “We’re extremely pleased to close this UK transaction, further demonstrating DARAG’s premier position in offering legacy solutions to the UK and European markets. It is a great way to end Q1 of 2025, our 15th year operating as a run-off consolidator. Our track record in providing legal finality is unparalleled in the European market and I look forward to announcing further deals over the coming weeks and months.”