Carrick Group expands with acquisition of two captives

Bermuda-based non-life legacy enterprise Carrick Group, specializing in reinsurance and runoff options, has agreed to accumulate two Irish captives from US pharmaceutical firm Bristol-Myers Squibb.

The transaction might be performed by means of Carrick’s wholly owned subsidiary, Carrick UK Holdings Co Ltd, which is able to purchase BMS Worldwide Insurance coverage DAC and Seamair DAC, each regulated by the Central Financial institution of Eire.

Phil Hernon, Carrick’s chief working officer, mentioned the deal represents the corporate’s first entry into the Irish market.

“Such a transaction suits completely inside Carrick’s technique to offer options to the insurance coverage market and increase international operations to incorporate Irish subsidiaries to help with European alternatives,” he mentioned.

Carrick, based in 2019, operates a non-life runoff enterprise with operations in Bermuda, the UK, and the USA. Its reinsurance companies are supplied by Carrick Re Ltd., a Bermuda-based Class 3A reinsurer, owned by Northlight QIAIF plc and managed by Northlight Group LLP.

Earlier this yr, Carrick Group introduced that Carrick Re had entered right into a loss portfolio switch settlement with Brazil’s IRB Re, a non-public reinsurance firm, specializing in IRB Re’s UK department. The settlement is a part of preparations for a Half VII switch. As a part of this transaction, Carrick UK Companies Restricted will tackle the UK department’s employees and operations.

The UK department of IRB Re, which stopped writing new enterprise in 1983, had been concerned in underwriting reinsurance treaties and different enterprise throughout the London Marketplace for roughly a decade. This transaction represents one other step in Carrick’s technique to develop its presence within the runoff and reinsurance markets.

The acquisition of the Irish captives from Bristol-Myers Squibb, coupled with the loss portfolio switch with IRB Re, underscores Carrick’s strategy to increasing its attain in key markets.

These transactions are additionally in step with Carrick’s aim to offer complete options to the insurance coverage market and develop its international footprint.

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