Northlight acquires Carrick Group, appoints new administrators

Carrick Group, a Bermuda-based firm specializing in non-life legacy insurance coverage, reinsurance, and run-off options, has introduced its acquisition by Northlight QIAIF, an Irish regulated entity managed by London-based Northlight Group LLP.

In a information launch, Northlight expressed enthusiasm for buying Carrick, highlighting the corporate’s established crew and its observe file within the legacy insurance coverage sector.

With the acquisition in place, Carrick Group additionally welcomed new members to its board of administrators. Susan Pateras, Alan Waring, and Michael Watson have joined as unbiased non-executive administrators, with Watson assuming the position of chairman.

Pateras and Waring carry a wealth of insurance coverage and reinsurance expertise to the board. Pateras’ earlier position as COO and govt director at Liberty Mutual Bermuda concerned constructing underwriting portfolios and enhancing operations. Waring has expertise in each the provider and dealer sectors, together with his time at Amwins Bermuda and in numerous non-executive director roles.

Watson, the founder and chairman of Canopius Group, a distinguished specialty strains insurer, brings vital business expertise. He led Canopius’ administration buy-out in 2003 and performed a key position within the firm’s progress, each organically and thru acquisitions, earlier than stepping down as CEO on the finish of 2021. His previous expertise consists of serving on the Council of Lloyd’s and the Lloyd’s Market Affiliation’s board. He’s additionally a Chartered Accountant.

Along with CEO Tom Nichols, Carrick Group’s senior administration crew consists of Phil Hernon, chief working officer, and Devin O’Malley, chief monetary officer.

“We’re delighted to welcome Susan, Alan, and Michael to Carrick’s Board, and stay up for executing our progress plan beneath their steerage. The addition of those completed people reinforces Carrick’s dedication to sustaining the best requirements of company governance,” Carrick Group CEO Tom Nichols mentioned.

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