Carrick Group has announced that Carrick Re, its class 3A reinsurer in Bermuda, has entered into a loss portfolio transfer agreement with IRB(Re), a Brazilian private reinsurance company. This agreement is a preliminary step preceding a Part VII transfer, focusing on IRB(Re)’s UK Branch.
As part of the transaction, Carrick UK Services Limited will absorb the UK branch’s staff and operations. The UK branch, which ceased writing new business in 1983, had a history of underwriting reinsurance treaties and other business within the London Market for approximately 10 years.
Phil Hernon, chief operating officer of Carrick, commented on the partnership with IRB(Re), emphasizing the alignment of the transaction with Carrick’s strategic objectives, which included consolidating legacy insurance liabilities and expanding their team of experienced professionals.
“Carrick is delighted to partner with IRB(Re) through this transaction and looks forward to working with them to complete the legal transfer,” Hernon said.
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