This page provides information about the proposed transfer by IRB-Brasil Resseguros SA (IRB or the Transferor) of all reinsurance business underwritten, issued or assumed by IRB’s UK branch (IRB UK) to Community Reinsurance Corporation Limited (CRC). The proposed transfer will be effected by means of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000 (Proposed Transfer).
IRB CRC Part VII Information
IRB is a Brazilian reinsurance company, having a UK branch authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Between 1974 and 1983, IRB underwrote reinsurance business through its UK branch, focusing primarily on reinsuring casualty business in the London market through brokers. The Transferor ceased underwriting in 1983 and has been in run-off since then.
CRC is a subsidiary of Carrick UK Holdings Company Limited and part of the Carrick Group, an international non-life legacy business providing reinsurance and run-off management solutions. CRC is incorporated in England and Wales, and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority to carry out reinsurance business in the UK.
Who are IRB and CRC
Why is the Proposed Transfer happening?
No new business has been written by the Transferor since 1983 and a strategic decision has therefore been taken by IRB to transfer the business to CRC with a view to enabling IRB to close its UK Branch. CRC’s business focuses on the administration of insurance portfolios such as that currently undertaken by the Transferor and is therefore well placed to provide long-term professional support to policyholders.
Further information about the Proposed Transfer process
The Proposed Transfer must be carried out in accordance with the UK Financial Services and Markets Act 2000. This requires us to obtain approval from the High Court of England and Wales (the Court). An independent expert (the Independent Expert) has been appointed to write a report for the Court (the Independent Expert’s Report). The Transferor and CRC have consulted closely with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The PRA and the FCA are entitled to make their own representations to the Court and we expect them to do so.
If the Proposed Transfer is approved by the Court, the Transferor’s respective rights and obligations under policies comprised in the Proposed Transfer will be transferred, without alteration, to CRC. There will be no change to the terms and conditions of any transferring policy or any policy of CRC. Any rights or obligations policyholders have under such policies will remain unchanged, but following the Proposed Transfer will be exercisable against or owed to CRC. Other assets and liabilities of the Transferor in respect of the reinsurance business underwritten, issued or assumed by IRB UK (Transferring Business), such as the benefit of outwards reinsurance arrangements, will also transfer to CRC. There will be no change to the arrangements for policy and claims administration as a result of the Proposed Transfer. Valid claims will continue to be paid although the party liable to make payment will be CRC, rather than the Transferor.
Independent Expert’s Report
IRB and CRC have jointly appointed Simon Sheaf of Grant Thornton UK Advisory & Tax LLP to act as the Independent Expert for the Proposed Transfer. His appointment as the Independent Expert has been approved by the PRA in consultation with the FCA. Mr. Sheaf has produced the Independent Expert’s Report in relation to the Proposed Transfer in which he sets out his opinion on it.
The Independent Expert will also produce a supplementary report (the Independent Expert’s Supplementary Report) before the final hearing. The supplementary report provides an update on any relevant new information or events that have occurred since the date of the initial report and the Independent Expert's opinion on whether they have affected the transfer. We will make the Independent Expert’s Supplementary Report available on this webpage, shortly before the final hearing.
September 2025: IRB and CRC will be contacting the policyholders and brokers with information about the Proposed Transfer
On or after 5 December 2025 (any changes to this date will be posted on this website): The Court will hear the application for the order sanctioning (i.e. approving) the Proposed Transfer on 5 December 2025. The Court hearing will take place at the High Court of Justice, 7 Rolls Building, Fetter Lane, London, EC4A 1NL, United Kingdom. Any change to the date of the Court hearing or the date of the Proposed Transfer will be announced on this website https://communityre.co.uk
6 December 2025: Subject to Court approval the Transferring Business will transfer to CRC
Key Dates
Important Documentation
More information on the Proposed Transfer will be found in the following documents:
1. The legal notice
2. The Scheme Document
3. Explanatory Circular including a summary of the Scheme
4. The Independent Expert’s report
5. A summary of the Independent Expert’s report
6. Form of letter to transferring policyholders
7. Form of letter to brokers of transferring policyholders
8. Form of letter to CRC policyholders
9. Form of letter to brokers of CRC policyholders
10. Form of letter to brokers of reinsurers
All updates and details about the progress of the Proposed Transfer, including the supplemental Independent Expert's report(s) that may be prepared prior to the Court hearing, will also be posted on this website. If you require hard copies of the documentation included on this website, please contact us using the details set out below.
If you are comfortable with the Proposed Transfer and the information contained in the documentation listed above, you do not need to take any further action. However, if you have any concerns regarding the Proposed Transfer and how it may affect you, you have the right to make a written representation or objection to the Court or be heard at the Court hearing (in person or by legal representation). You may also raise these concerns or objections with us in writing or over the telephone and we will make a record of your concerns and communicate these to the PRA, the FCA, the Independent Expert and the Court. Information on how you can contact us is provided below. Should you require any further information or if you have any questions or concerns about the Proposed Transfer or consider that you may be adversely affected then please contact us as soon as possible.
How to make your views known
Contact Details
You can:
• call us on: +44 20 4604 1344 from Monday to Friday during usual business hours (9.00am to 5:00pm)
• write to us at Community Reinsurance Corporation Limited, 8th Floor, 1 Southampton Street, London, United Kingdom, WC2R 0LR or
• e-mail us at: PartVIITransfer@communityre.co.uk
If you have any general questions about your policy or a claim in respect of your policy, please call your usual contact in relation to the policy or claim.