Carrick Group Limited, the Bermuda-based international non-life legacy insurance business providing reinsurance and run-off solutions, has announced that it has been acquired by Northlight QIAIF plc – an Irish regulated company managed by London-based investment manager Northlight Group LLP from Zimmer Financial Services Group.
Shahar Zer, Partner at Northlight Group LLP, commented on the acquisition: “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.”
It has also been confirmed, that Susan Pateras, Alan Waring, and Michael Watson, have all joined the board of Carrick Group as independent non-executive directors, with Watson serving as Chairman.
Tom Nichols, Carrick’s Chief Executive Officer, said: “We are delighted to welcome Susan, Alan, and Michael to Carrick’s Board, and look forward to executing our growth plan under their guidance. The addition of these accomplished individuals reinforces Carrick’s dedication to maintaining the highest standards of corporate governance.”
Moreover, Pateras and Waring both bring substantial experience across the re/insurance sector to the Board.
Before she joined the Carrick Board, Pateras served as Chief Operating Officer and Executive Director of Liberty Mutual Bermuda.
In addition, Waring’s prior experience at Amwins Bermuda and in other non-executive director roles includes both carrier and broker sectors.
Further, Watson, a renowned figure across the industry, is the founder and Chairman of specialty lines re/insurer, Canopius Group.
A key highlight of his career came in 2003, when he led the management buy-out of Canopius in with £25 million of equity capital and helped the business to reach its present scale through a mix of organic expansion and acquisition before relinquishing the role of CEO at the end of 2021.
Watson also previously served as a member of the Council of Lloyd’s and on the Board of the Lloyd’s Market Association.
Watson is also a Chartered Accountant.
The Carrick Group’s senior management team includes Phil Hernon, Chief Operating Officer, and Devin O’Malley, Chief Financial Officer, in addition to Tom Nichols.
