Northlight QIAIF, an Irish regulated company, has acquired Bermuda-based Carrick Group from Zimmer Financial Services Group.
Financial terms of the transaction were not revealed, other than the fact that Northlight QIAIF, managed by London-based Northlight Group, acquired the reinsurer at a premium to book value.
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Carrick, established by Zimmer in 2019, specialises in international non-life legacy insurance, offering reinsurance and run-off solutions.
Besides Bermuda, the reinsurer has operations in the UK and the US.
Carrick Re, a Class 3A Insurer based in Bermuda, provides reinsurance to Carrick.
In line with the deal, Carrick has welcomed Susan Pateras, Alan Waring and Michael Watson to its board as independent non-executive directors.
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By GlobalDataWatson, who is also the founder and chairman of Canopius Group, will serve as the board’s chairman.
“Both Pateras and Waring bring extensive (re)insurance experience to the Board,” Carrick noted in the announcement.
Pateras previously served as the chief operating officer and executive director at Liberty Mutual Bermuda.
Waring has worked with Amwins Bermuda and served in other non-executive director roles in carrier and broking sectors.
The senior management team at Carrick includes Phil Hernon as chief operating officer, Devin O’Malley as chief financial officer and Tom Nichols as CEO.
Northlight Group partner Shahar Zer said: “Northlight is thrilled to acquire a run-off insurance platform with a strong team and a profitable track record. We are excited about this capital commitment to the legacy insurance sector and look forward to working with Carrick management to implement Carrick’s growth business plan.”
Zimmer chairman and CEO Stuart Zimmer said: “The sale of Carrick represents another successful Zimmer investment in the insurance industry. We are excited to continue deploying capital to Ategrity, our booming specialty insurance company.”
