Carrick Group announced that Carrick Re Limited, a Bermuda class 3A reinsurer, has entered into a loss portfolio transfer with IRB(Re), a Brazilian private reinsurance company, on behalf of its UK Branch, ahead of a Part VII transfer.

January 17, 2024 – Carrick Group Limited (“Carrick”), a Bermuda-based international non-life legacy insurance business providing reinsurance and run-off solutions, today announced that Carrick Re Limited, a Bermuda class 3A reinsurer, has entered into a loss portfolio transfer with IRB(Re), a Brazilian private reinsurance company, on behalf of its UK Branch, ahead of a Part VII transfer.

Carrick UK Services Limited will assume the UK Branch’s staff and operations as part of the transaction. Prior to going into run-off in 1983, the UK Branch had written reinsurance treaties and other London Market business for a decade.

“Carrick is delighted to partner with IRB(Re) through this transaction and looks forward to working with them to complete the legal transfer” said Phil Hernon, Chief Operating Officer. “This type of transaction fits perfectly within Carrick’s strategy to aggregate legacy insurance liabilities and grow our team of skilled professionals.”

About Carrick

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. Carrick’s senior management team includes Tom Nichols, Chief Executive Officer, Phil Hernon, Chief Operating Officer and Devin O’Malley, Chief Financial Officer.

Carrick is headquartered in Bermuda. Carrick is owned by Northlight QIAIF plc, which is managed by Northlight Group LLP. For more information about Carrick visit www.carrickholdings.com. For more information about Northlight Group visit www.northlight.co.uk.