Carrick Group Announces its Acquisition by Northlight and Appointment of Directors
Carrick Group Limited ("Carrick Group" or "Carrick"), a Bermuda-based international non-life legacy insurance business providing reinsurance and run-off solutions, today announced that it has been acquired by Northlight QIAIF plc ("Northlight"), an Irish regulated company managed by London-based investment manager Northlight Group LLP ("Northlight Group") from Zimmer Financial Services Group.
"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," said Shahar Zer, Partner at Northlight Group LLP.
Susan Pateras, Alan Waring, and Michael Watson have joined the board of Carrick Group as independent non-executive directors, with Mr. Watson serving as Chairman.
"We are delighted to welcome Susan, Alan, and Michael to Carrick's Board, and look forward to executing our growth plan under their guidance," said Tom Nichols, Carrick's Chief Executive Officer. "The addition of these accomplished individuals reinforces Carrick's dedication to maintaining the highest standards of corporate governance."
Both Mrs. Pateras and Mr. Waring bring extensive (re)insurance experience to the Board. Prior to joining the Carrick Board, Mrs. Pateras served as Chief Operating Officer and Executive Director of Liberty Mutual Bermuda. She has an impressive track record of building underwriting portfolios and enhancing operations. Additionally, Mr. Waring's experience at Amwins Bermuda and in other non-executive director roles includes both carrier and broker sectors.
Mr. Watson is the founder and Chairman of Canopius Group, a leading specialty lines (re)insurer with more than $1bn in capital and $2.5bn premiums in-force. Mr. Watson led the management buy-out of Canopius in 2003 with £25M 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. Mr. Watson previously served as a member of the Council of Lloyd's and on the Board of the Lloyd's Market Association. He 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.
About The Carrick Group
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 Carrick Re Ltd, a Bermuda-based Class 3A Insurer. Carrick Group Limited is headquartered in Bermuda. For more information about The Carrick Group visit www.carrickholdings.com.
About Northlight QIAIF plc
Established in 2015, Northlight is an umbrella investment company, authorised by the Irish Central Bank as a qualifying investor alternative investment fund.
About Northlight Group LLP
Established in 2009, Northlight Group is a London-based investment manager that manages credit funds for institutional and retail investors through an off-shore Cayman fund, an on-shore UCITS fund and regulated assets for insurance companies. For more information about Northlight Group visit www.northlight.co.uk.
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