DARAG Receives Court Approval on Part VII Transfers

Quick note from DARAG on some portfolio transfers, now approved by the High Court of Justice;

DARAG Group (“DARAG” or “the Group”), a leading legacy acquirer, announces that the High Court of Justice has approved the transfer of two insurance portfolios to its UK carrier, DARAG Insurance UK Limited (“DIUK”), under Part VII of the Financial Services and Markets Act 2000.

The court order, delivered on 17 September 2026, approved the transfer of Soteria Insurance Limited’s commercial liability portfolio and the business of DARAG Legacy UK Ltd (“DLUK”) to DIUK. The transactions are expected to become effective at 23:59 on 30 September 2026, subject to the terms of the scheme. Upon completion, Soteria’s commercial liability insurance portfolio and the reinsurance business of DLUK will transfer to DIUK.

Tom Booth, CEO of 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. 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.”

The transfers are subject to supervision by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), with Lane Clark & Peacock LLP acting as the independent expert.