Commercial Law · The Business and Property Courts (Insolvency and Companies List)
IRB-Brasil Resseguros S.A., Re
Checked against the judgment on 9 September 2026 · how we verify
Facts
IRB-Brasil Resseguros S.A. ("IRB"), a Brazilian insurance company whose UK branch is regulated by the Prudential Regulation Authority and the Financial Conduct Authority, and Community Reinsurance Corporation Limited ("Community Re"), an English general insurer within the Bermuda-based Carrick group specialising in non-life legacy and run-off business, issued a Part 8 claim on 29 August 2025 seeking sanction of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000. The scheme transferred the entire business of IRB's UK branch — all general reinsurance underwritten in the London market through Lloyd's accredited brokers between 1974 and 1983, mainly marine, aviation, property and casualty, some 38,066 policies held by 830 transferring policyholders, in run-off since underwriting was suspended in December 1982 — to Community Re, which already reinsured the business under a loss portfolio transfer agreement with Carrick Re Limited. The Independent Expert, Mr Simon Sheaf of Grant Thornton, reported that no group of policyholders would be materially adversely affected. ICC Judge Greenwood gave directions for advertisement on 5 September 2025. TIG Insurance Company objected, raising concerns about reserves, Community Re's capital adequacy over a long-tail exposure period and deteriorating service standards, supported by an analysis from Mr Kevin Madigan of FTI Consulting; the sanction hearing was adjourned, the disputes were resolved and the objection withdrawn.
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