DARAG agrees loss portfolio transfer deal with Soteria

DARAG Group has 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) 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.

Tom Booth (pictured), chief executive 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.”

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