Karl Wall, who previously served as President and Chief Executive Officer (CEO) of Enstar (US) Inc., has announced plans to launch a new international non-life legacy business called The Carrick Group.
The Carrick Group will initially be based in the U.S., UK, and Bermuda, and will provide reinsurance and run-off management solutions.
Carrick will be led by Wall as CEO as well as an experienced senior management team, whose members collectively have completed over 50 run-off transactions with liabilities of more than $10 billion.
Wall, a run-off industry veteran, has more than three decades of experience in the sector, serving for eight years as President and CEO of Enstar (US), where he was responsible for building and managing the Enstar Group’s successful North American run-off operation.
Capital support for the new run-off player will be provided by Sequentis Financial LLC, a financial services holding company.
Wall commented: “Our talented team, with the support of Sequentis, is well positioned to capitalize on current market opportunities in North America, the UK and Europe. Carrick will use its proven industry expertise to acquire long tailed, non-life, run-off loss portfolios through reinsurance transactions and insurance company acquisitions, as well as providing legacy consultancy and management services.
“The combination of a strong capital base and seasoned leadership team make Sequentis an ideal partner for The Carrick Group. We look forward to their support as we grow the Carrick legacy platform.”
Chairman of Sequentis, Stuart Zimmer, added: “Karl and his team have a stellar reputation and a proven track record in the non-life legacy space. We look forward to supporting Carrick’s growth into a leading player in the run-off marketplace.”