Carrick Group Limited, an international non-life insurance company headquartered in Bermuda, announces the transfer of the reinsurance contracts of the UK branch of IRB-Brasil Resseguros to Community Reinsurance Corporation Limited through an insurance business transfer scheme under Part 7 of the Financial Services and Markets Act 2000.
According to reports, the transfer has been approved by the High Court of England and Wales at a hearing on June 16, 2026, and will come into effect on June 20, 2026.
Carrick Group chief operating officer Phil Hernon said the process of transferring less than $25 million in assets from the UK arm of IRB-Brasil Resseguros to Community Reinsurance Corporation took 24 months. Community Reinsurance Corporation is a UK-registered reinsurer that has been attrition since it ceased underwriting operations in 1984 and was acquired by Carrick Group in 2020.
The UK branch of IRB-Brasil Resseguros underwrote reinsurance business from 1974 to 1983, when it ceased operations and entered a runoff phase.
Hernon added: “We are delighted to have completed tranche seven as it is another milestone in the Carrick story and demonstrates to the market our ability to complete this type of deal.
“It has been a pleasure working with IRB-Brasil. This transaction ends their involvement in the London market. It enables management to start a new chapter in executing their strategy.
“This transaction highlights the costs of tranche 7 transactions. Given the costs associated with reserves transferred in tranche 7, we welcome stakeholder and regulator engagement to allow for the transfer of smaller balance sheets at proportional cost.”
