Legacy acquirer DARAG Group has inked a loss portfolio transfer deal with UK-based Soteria Insurance Limited, which is the former underwriting business of the Co-operative Group. Under the agreement, DARAG Deutschland AG will reinsure a portfolio of UK commercial policies in run-off written by SIL (formerly CIS General Insurance Limited). It is expected that a Part VII transfer of the same portfolio of policies into DARAG Insurance UK Limited will follow.

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.”