JDC TECHNICAL EVALUATION REPORT
Subject: Carrick Group / IRB-Brasil Resseguros S.A. (UK Branch) (Company No: 12317421)
Reference UID: 6085
Market Authority: London & International Markets
Case Ref: IRB-PVII-2026
Secondary Case Ref: N/A
Date: 29th June 2026
Status: Hearing Week
Case Summary (Tier 4):
Sometimes legal finality takes far longer than writing the business ever did.
IRB-Brasil’s London branch stopped underwriting decades ago, yet the final chapter could only be closed through one last court-sanctioned transfer. Carrick’s completion of the Part VII scheme doesn’t simply move a portfolio; it finally extinguishes one of the London Market’s longest-running legacy run-offs, demonstrating that even relatively modest books can demand years of legal, regulatory and operational work before genuine finality is achieved.
Case Detail (Tier 5):
Carrick successfully completed the High Court-sanctioned Part VII transfer of the former IRB-Brasil UK branch into its regulated UK insurance platform, bringing a legacy portfolio dating back to business written between 1974 and 1983 to its legal conclusion.
Although the underlying liabilities were comparatively modest, the transaction illustrates the complexity of modern legacy execution. The process required extensive regulatory engagement, independent expert review and judicial approval before legal responsibility for every policy, asset and liability could be transferred to Carrick’s insurance vehicle.
The transaction also highlights an increasingly important feature of today’s legacy market. Success is no longer measured simply by acquiring discontinued portfolios, but by delivering complete legal, operational and regulatory finality. In achieving that objective, Carrick has removed one of the London Market’s longest-standing run-off entities from the regulatory landscape.
Additional Comment:
The transaction provides another practical demonstration that Part VII transfers remain the benchmark mechanism for achieving legal finality within the UK insurance market, despite the significant time, cost and regulatory scrutiny involved in completing the process.