Carrick Specialty Holdings LLC, a New York City-based international non-life legacy business that provides reinsurance and run-off management solutions, announced its UK-based subsidiary, Carrick UK Holdings Co. Ltd., has acquired London-based reinsurer Community Reinsurance Corp. Ltd. from Hampden PLC.
Terms of the transaction were not disclosed.
The acquisition is Carrick’s first legacy transaction since Carrick Re Ltd., the company’s wholly owned reinsurance subsidiary, received its Class 3A insurer license from the Bermuda Monetary Authority earlier this year.
“Today’s news reflects two important steps forward in Carrick’s strategy,” said Karl Wall, chief executive officer at Carrick. “Through the completion of our first legacy transaction and the licensing of Carrick Re, we are well situated to offer customers a professional and disciplined approach to reinsurance and runoff finality solutions. We look forward to welcoming the talented team at Community Re to the Carrick family and working together to grow our platform.”
The Carrick Group has received initial capital of $100 million from Sequentis Financial LLC, a financial services holding company whose businesses include other insurance operating companies and a multi-billion dollar investment management firm.
“I am delighted that The Carrick Group has completed its first transaction and that Carrick Re is able to provide reinsurance solutions to the legacy business,” commented Stuart Zimmer, chairman and chief executive officer at Sequentis.
“We look forward to supporting Karl and his team in growing Carrick into a leading player in the run-off industry,” Zimmer added.
The Carrick Group was founded in 2019 by Wall, a run-off industry veteran who served for eight years as president and CEO of Enstar (US) Inc. The company’s management team includes several former Enstar Group executives: Richard Harris, group chief financial officer; Thomas Nichols, group head of Mergers & Acquisitions and US Chief Financial Officer; and Phil Hernon, UK and European managing director. Peter Lies, formerly of CNA, serves as group president.
About The Carrick Group
Established towards the end of 2019 by Sequentis Financial LLC, Carrick has formed a non-life runoff business with operations in Bermuda, London and the United States. Reinsurance is provided by Carrick Re Ltd., a Bermuda-based Class 3A Insurer. Carrick Specialty Holdings LLC is headquartered in New York and domiciled in Delaware.
Source: The Carrick Group
Topics Mergers & Acquisitions
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