DARAG announces first UK acquisition with One Re transaction
18 July 2019 – DARAG Group Limited (“DARAG”), a leading legacy acquirer, today announced it has entered into a Sale and Purchase Agreement with One Re Ltd (“One Re”), a London-based non-life reinsurance company. The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche
Versicherungs- und Ruckversicherungs-AG and is subject to regulatory approval.
The consideration for the transaction was not disclosed. This is DARAG’s first UK acquisition and follows the completion of a capital strengthening and significant upscaling of the balance sheet.
One Re provided reinsurance to African-based insurers for industrial property risks and engineering projects in Africa from 2015 to 2018. One Re is solely owned by 54 North Ltd (“54 North”) and the transaction delivers complete economic and legal finality to the business.
Tom Booth, CEO of DARAG Group, said: “With this transaction, DARAG cements its reputation as a leading provider of legacy solutions in the European market. Our capital strength, the team’s expertise and the flexibility of our solutions has given us the ability to transact even the most complex legacy risks.
54 North were looking for legal and economic finality and our team were able to efficiently assess and agree the acquisition, which provides us with significant portfolio diversification and an entry into the UK market. I am very pleased to announce this deal today.”