Legacy acquirer gets court permission to transfer two insurance portfolios to UK

Darag Group has received High Court approval for the transfer of two insurance portfolios into its UK insurance carrier, Darag Insurance UK (DIUK).

The court order, issued on 17 September 2026, approved the transfer of Soteria Insurance’s commercial liability portfolio and the business of Darag Legacy UK (DLUK) under Part VII of the Financial Services and Markets Act 2000.

Subject to the terms of the scheme, the transfers are expected to take effect at 23:59 on 30 September 2026.

Once completed, Soteria’s commercial liability insurance portfolio and the reinsurance business currently held by DLUK will transfer to DIUK.

Tom Booth, chief executive at Darag, said: “We’re delighted to secure High Court approval for the transfer of Soteria’s commercial liability portfolio and DLUK’s reinsurance business to DIUK, demonstrating Darag’s position as a trusted provider of finality solutions to the UK insurance market as well as continental Europe.”

‘Long-term home’

The transfers are subject to supervision by the Prudential Regulation Authority (PRA) and FCA.

Booth said: ”The transfers grow the balance sheet of DIUK and further streamline the group structure. The group proposes to deauthorise and ultimately liquidate DLUK, thereby consolidating its UK operations.

”The transfer follows extensive preparation and collaboration between the entities and represents a significant milestone for the group – further evidence of our track record and capabilities in providing a secure, long-term home for legacy liabilities.”