Northlight QIAIF, an Irish regulated firm, has acquired Bermuda-based Carrick Group from Zimmer Monetary Providers Group.
Monetary phrases of the transaction weren’t revealed, aside from the truth that Northlight QIAIF, managed by London-based Northlight Group, acquired the reinsurer at a premium to ebook worth.
Carrick, established by Zimmer in 2019, specialises in worldwide non-life legacy insurance coverage, providing reinsurance and run-off options.
In addition to Bermuda, the reinsurer has operations within the UK and the US.
Carrick Re, a Class 3A Insurer based mostly in Bermuda, gives reinsurance to Carrick.
In keeping with the deal, Carrick has welcomed Susan Pateras, Alan Waring and Michael Watson to its board as impartial non-executive administrators.
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Watson, who can also be the founder and chairman of Canopius Group, will function the board’s chairman.
“Each Pateras and Waring deliver intensive (re)insurance coverage expertise to the Board,” Carrick famous within the announcement.
Pateras beforehand served because the chief working officer and government director at Liberty Mutual Bermuda.
Waring has labored with Amwins Bermuda and served in different non-executive director roles in provider and broking sectors.
The senior administration staff at Carrick contains Phil Hernon as chief working officer, Devin O’Malley as chief monetary officer and Tom Nichols as CEO.
Northlight Group accomplice Shahar Zer stated: “Northlight is thrilled to accumulate a run-off insurance coverage platform with a robust staff and a worthwhile monitor document. We’re enthusiastic about this capital dedication to the legacy insurance coverage sector and stay up for working with Carrick administration to implement Carrick’s progress marketing strategy.”
Zimmer chairman and CEO Stuart Zimmer stated: “The sale of Carrick represents one other profitable Zimmer funding within the insurance coverage trade. We’re excited to proceed deploying capital to Ategrity, our booming specialty insurance coverage firm.”
