DARAG acquires One Re to enter into the UK market following capital strengthening

Run-off specialist DARAG Group has agreed to acquire London-based non-life reinsurance company  One Re, which provided reinsurance to African-based insurers for industrial property risks and engineering projects from 2015 to 2018.

This is DARAG’s first UK acquisition and follows the completion of a capital strengthening and upscaling of the balance sheet.

The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Ruckversicherungs-AG and is subject to regulatory approval.

One Re is owned by 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."

Booth added: "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.”

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