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DARAG gets UK court approval to move two insurance portfolios to DIUK
The deal is expected to take effect at 23:59 on September 30, 2026, after which DIUK will assume responsibility for Soteria’s commercial liability portfolio and DLUK’s reinsurance business.
Legacy acquirer DARAG Group said it has received High Court of Justice approval in the United Kingdom to transfer two insurance portfolios to its UK carrier, DARAG Insurance UK Limited, under Part VII of the Financial Services and Markets Act 2000, according to Reinsurance News.
The court order, delivered September 17, 2026, approves the transfer of Soteria Insurance Limited’s commercial liability portfolio and the business of DARAG Legacy UK Ltd to DIUK. The transactions are expected to become effective at 23:59 on September 30, 2026, subject to the scheme terms.
Once finalized, DIUK will take over responsibility for Soteria’s commercial liability insurance portfolio alongside DLUK’s reinsurance business. DARAG said the move will grow DIUK’s balance sheet and streamline the group structure, including plans to deauthorise and ultimately liquidate DLUK to consolidate UK operations.
The transfers are subject to supervision by the Prudential Regulation Authority and the Financial Conduct Authority, with Lane Clark & Peacock LLP acting as the independent expert. DARAG CEO Tom Booth said the approval marks a milestone for the group’s legacy liabilities finality solutions for the UK insurance market and continental Europe.