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Bermuda-based international non-life legacy insurer Carrick Group Limited has announced the transfer of the reinsurance contracts of IRB-Brasil Resseguros’ UK branch to Community Reinsurance Corporation Limited by way of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000.
The transfer was reportedly sanctioned by the High Court of Justice of England and Wales at a hearing on 16 June, 2026, and became effective on 20 June, 2026.
Phil Hernon, Chief Operating Officer of Carrick Group, said the process had taken 24 months to transfer less than $25 million of assets from IRB-Brasil Resseguros’ UK branch to Community Reinsurance Corporation, a UK-domiciled reinsurer that has been in run-off since it ceased writing business in 1984 and was acquired by Carrick Group in 2020.
The UK branch of IRB-Brasil Resseguros underwrote reinsurance business between 1974 and 1983, when it ceased operation and entered into run-off.
Hernon added, “We are very pleased to have completed the Part VII as it is another milestone in the Carrick story and shows the market we have the capability to complete such transactions.
“Working with IRB-Brasil has been a pleasure. This transaction ends their involvement in the London Market. It allows management to open a new chapter as they execute their strategy.
“This transaction has highlighted the cost of transacting a Part VII. We would welcome engagement with stakeholders and regulators to allow smaller balance sheets to be transferred at a proportionate cost, given the costs in relation to the reserves transferred in this Part VII.”
The post Carrick closes IRB-Brasil UK legacy transfer following High Court approval appeared first on ReinsuranceNe.ws.
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