Proposed transfers of insurance business from Soteria Insurance Limited to DARAG Insurance UK Limited and from DARAG Legacy UK Ltd to DARAG Insurance UK Limited (both transfers together the “Proposed Transfer”)

About the Proposed Transfer

Soteria Insurance Limited (“Soteria”) is proposing to transfer its commercial insurance business to DARAG Insurance UK Limited (“DIUK”).

Soteria no longer writes insurance business and the proposed transfer to DIUK, a specialist acquirer of run-off insurance portfolios, forms part of a planned restructuring by Soteria’s parent company, Saturn Holdings PLC.

At the same time, another member of DIUK’s group, DARAG Legacy UK Ltd (“DLUK”), is proposing to transfer certain of its reinsurance business to DIUK as part of a wider restructuring of the DARAG group.

What the Proposed Transfer means for you

The transfer from Soteria to DIUK relates to Soteria’s commercial liability portfolio only. It does not affect Soteria’s retail, motor or home insurance customers.

The transfer from DLUK to DIUK comprises all of the reinsurance business underwritten by DLUK, with the exception of one, intragroup, reinsurance policy. If you are a non-group cedant of DLUK, your policy is included in the Proposed Transfer.

If the Proposed Transfer proceeds, Soteria's and DLUK’s rights and obligations under their respective transferring policies will transfer to DIUK without alteration. The cover, terms and conditions of your policy will not change, but DIUK will replace Soteria or DLUK as your insurer or reinsurer, as applicable.

Valid claims will continue to be paid, although the party liable to make payment will be DIUK, rather than Soteria or DLUK. Claims will continue to be handled by the parties that currently handle claims, and policyholders will experience no difference in the approach to claims handling.

Nevertheless, if you feel you may be adversely affected by the Proposed Transfer, you may raise an objection as detailed in the “Questions or Objections” section below.

The Transfer Process

The Proposed Transfer is being carried out under a legal process known as a “Part VII Transfer” in accordance with Part VII of the Financial Services and Markets Act 2000. The document which sets out the terms of the Proposed Transfer is referred to as the "Scheme".

A report on the terms of the Proposed Transfer has been prepared by Charl Cronje of Lane Clark & Peacock LLP (the "Independent Expert"). The Independent Expert’s report and summary report can be found in the “Important Documentation” section below. The Independent Expert has concluded that the Proposed Transfer will not materially adversely affect the security or service standards experienced by policyholders of Soteria, DLUK or DIUK.

A Part VII Transfer must be approved by the High Court of Justice of England and Wales (the “Court”) before it can come into effect. Soteria, DLUK and DIUK have made an application to the Court seeking approval of the Proposed Transfer, which is expected to be heard on 17 September 2026. The Court will consider the Independent Expert's report, reports prepared by the Prudential Regulation Authority ("PRA") and Financial Conduct Authority ("FCA") (who are responsible for the regulation and supervision of insurers in the UK) and any representations made by affected parties, including policyholders.

It is anticipated that, if sanctioned by the Court, the Proposed Transfer will take effect at 23.59 on 30 September 2026 (the "Effective Date").

Key Dates

  • 17 September 2026

The date on which the Court will hear the application for approval of the order sanctioning the Proposed Transfer and decide whether or not to approve it (the “Sanction Hearing”).

  • 30 September 2026

If the Court approves the Proposed Transfer, the date on which the Proposed Transfer is intended to take legal effect.

If there are any changes to the process set out above, the date of the Sanction Hearing or Proposed Transfer timeline, we will post updates of such on this webpage.

Important Documentation

You can download the key documents relating to the Proposed Transfer below:

Questions or Objections

The Information Booklet sets out our responses to frequently asked questions about the Proposed Transfer.

If you have any further questions about the Proposed Transfer or if you wish to raise an objection, you can contact us using the details in the “Contact Details” section below.

If you raise an objection, we will reply to you and send your objection, our reply and any related correspondence to the Court, the Independent Expert, the PRA and the FCA before the Sanction Hearing. You also have the right to raise your objection with the Court, either in writing or in person at the Sanction Hearing. Further details of how to do this are included in the Legal Notice and the Information Booklet.

Contact Details

If you require further information, have any questions or wish to object to the Proposed Transfer, you can contact Soteria, DLUK or DIUK by post, email or telephone using the contact details below:

Soteria:

Email: info@partvii.soteriainsurance.co.uk

Post: Soteria Part VII Transfer Team, Mclaren House, 100 Kings Road, Brentwood, Essex, CM14 4EA

Ref: Soteria Part VII Transfer

Telephone: 0800 182 2374

Soteria’s helpline will be open Monday to Friday between 9am and 5pm UK time.

DLUK and DIUK:

Email: projectlegacy@darag-group.com

Post: 25 Eastcheap, 4th Floor, London EC3M 1DT

Ref: Part VII Transfer

Telephone: 0204 530 9800