DARAG Guernsey acquired Guernsey-based captive Thames Water Insurance Co. Ltd. from its parent, Kemble Water Finance Ltd.
The share purchase agreement was completed Oct. 16. The captive will be renamed DARAG Insurance (Guernsey) Ltd. and will serve as a consolidator for DARAG Group Ltd. for certain future non-European Economic Area legacy deals, including captive acquisitions and other legacy reinsurance contracts.
The target is the captive for Thames Water Ltd. and subsidiary companies. It was placed into run-off in 2005, providing coverage for burst pipes, public liability, employers' liability, personal accident, property damage and business interruption and professional indemnity.
Willis Towers Watson PLC worked on the deal and will continue to act as captive manager in the future.