IRB-Brasil Resseguros S.A. (IRB) and Community Reinsurance Corporation Limited (CRCL) have jointly applied to the High Court of England and Wales for approval of a scheme to transfer the entire business of IRB’s UK branch to CRCL.
If the court grants approval, the scheme will move all contracts, property, assets, and liabilities associated with IRB’s UK branch to CRCL. IRB, a Brazilian reinsurance company, operated its UK branch under authorization from the Prudential Regulation Authority (PRA) and regulation by both the Financial Conduct Authority (FCA) and PRA.
From 1974 to 1983, IRB’s UK branch underwrote reinsurance business, primarily in the London market, focusing on casualty risks through brokers. The branch ceased underwriting in 1983 and has been in run-off since that time.
The proposed transfer is a result of IRB’s decision to close its UK branch, as no new business has been written since 1983. IRB determined that transferring the business to CRCL would enable the branch’s closure and ensure ongoing administration of the insurance portfolio.
CRCL is a subsidiary of Carrick UK Holdings Company Limited and is part of the Carrick Group, which specializes in non-life legacy business and provides reinsurance and run-off management solutions. CRCL is incorporated in England and Wales and is authorized and regulated by the PRA and FCA to conduct reinsurance business in the UK.
IRB has played a significant role in Brazil’s reinsurance sector, managing 54.5% of the country’s reinsurance premium transfers in 2024 and ranking 36th globally among top reinsurers by AM Best in 2022.
In recent years, IRB has also reported strong financial performance, closing the first quarter of 2025 with US$118.6 million in net profit, a 50% increase, and maintaining a 98% combined ratio in non-life while managing US$8.9 billion in assets.
The transfer comes at a time when the reinsurance sector in Brazil is seeing increased demand, particularly as climate-related disasters become more frequent. IRB holds a 17% market share and recorded R$6.5 billion in premiums in 2023, with the company responding to a changing risk landscape shaped by extreme weather events and higher claims activity.
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