Bermudian-based reinsurer Carrick Group has entered into a loss portfolio transfer with several firms, ahead of a proposed part VII transfer.

Carrick said it intends to assume the covered business of National Casualty Company of America, Limited, National Casualty, UK branch, and Nationwide General Insurance, UK branch.

The firm is a Bermuda class 3A reinsurer.

The businesses have been in run-off since 1974, and they consist of residual claims and exposures principally from risks emanating from property and casualty reinsurance of US-based Fortune 500 companies.

Carrick chief operating officer Phil Hernon said it had been a pleasure working with the Nationwide team to put together this transaction.

He said: “We look forward to completing the legal transfer. We have the expertise to run off companies in an efficient way while protecting the policyholders and the reputation of all parties, and this type of transaction fits our business model perfectly.”