Carrick Group, a Bermudian-based international non-life legacy insurer, has announced transfer of the reinsurance contracts of IRB-Brasil Resseguros’ UK branch to Community Reinsurance Corporation.

The transaction was carried out by way of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000.

The UK branch of IRB-Brasil Resseguros, a Brazilian reinsurance company, underwrote reinsurance business between 1974 and 1983, when it ceased operation and entered into run-off.

Community Reinsurance Corporation Limited is a UK-domiciled reinsurer that has been in run-off since it ceased writing business in 1984. In 2020, it was acquired by Carrick Group.

The transfer was sanctioned by the High Court of Justice of England and Wales at a hearing on June 16, 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.

“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,” said Mr Hernon.

“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.”

IRB-Brasil Resseguros said that it worked closely with the Carrick team throughout the process and thanked both teams for their fruitful cooperation, confirming that the transfer process is in line with the company’s current business strategies.

Established in 2019, Carrick has formed a non-life runoff business with operations in Bermuda, the United Kingdom, and the United States. Reinsurance is provided by Carrick Re Ltd, a Bermuda-based Class 3A Insurer.