Carrick takes on run-off portfolios in loss portfolio transfer deal

Carrick Re, the reinsurance arm of Carrick Group and a Bermuda Class 3A reinsurer, has entered into a loss portfolio transfer agreement to assume the run-off business of three UK-based insurers.

Carrick Re intends to assume the covered business of National Casualty Company of America, National Casualty Company, UK Branch, and Nationwide General Insurance Company, UK Branch, ahead of a proposed Part VII transfer.

The businesses have been in run-off since 1974 and they consist of residual claims and exposures principally from risks emanating from property and casualty re/insurance of US-based Fortune 500 companies.

Phil Hernon (pictured), Carrick chief operating officer, said: “It has been a pleasure working with the Nationwide team to put together this transaction. We look forward to completing the legal transfer. We have the expertise to run off companies in an efficient way while protecting the policyholders and the reputation of all parties, and this type of transaction fits our business model perfectly.”

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