Carrick Group Limited, the Bermudian-based international non-life legacy insurance business, has announced that Carrick Re, 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.

Carrick Group said Carrick UK Services will assume the UK branch’s staff and operations as part of the transaction.

Prior to going into run-off in 1983, Carrick said, 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.”

Established in 2019, Carrick has formed a non-life run off business with operations in Bermuda, Britain and the United States.

Reinsurance is provided by Carrick Re Ltd.

Carrick, which is headquartered in Bermuda, is owned by Northlight QIAIF plc, which is managed by Northlight Group LLP.