Bermuda-based international non-life legacy insurance firm Carrick Group Limited has announced that Carrick Re Limited, a Bermuda class 3A reinsurer, has entered into a loss portfolio transfer (LPT) with IRB(Re), on behalf of its UK Branch, ahead of a Part VII transfer.
Carrick UK Services Limited is set to assume the UK Branch’s staff and operations as part of the transaction.
Carrick explained that before going into run-off in 1983, the UK Branch had written reinsurance treaties and other London Market business for a decade.
Phil Hernon, Carrick Group Chief Operating Officer, commented, “Carrick is delighted to partner with IRB(Re) through this transaction and looks forward to working with them to complete the legal transfer.
“This type of transaction fits perfectly within Carrick’s strategy to aggregate legacy insurance liabilities and grow our team of skilled professionals.”
In related news, at the start of the year, Carrick Group was acquired by Northlight QIAIF plc, an Irish-regulated company managed by London-based investment manager Northlight Group LLP.
It was also confirmed that Susan Pateras, Alan Waring, and Michael Watson, had all joined the board of Carrick as independent non-executive directors, with Watson serving as Chairman.
At the time, Tom Nichols, Carrick’s Chief Executive Officer, commented, “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.”
Established in 2019, Carrick has formed a non-life runoff business with operations in Bermuda, the United Kingdom and the United States. Reinsurance is provided by the aforementioned Carrick Re.
