Carrick enters into LPT with Brazilian reinsurer
Bermuda-based legacy insurer Carrick Group has entered into a loss portfolio transfer with a Brazilian private reinsurer.
Carrick said the transaction was carried out through its Bermuda-based reinsurer Carrick Re, a Bermuda Class 3A reinsurer with IRB(Re) on behalf of its UK branch, which went into run-off 40 years ago.
Carrick UK Services will assume the UK Branch’s staff and operations as part of the transaction. Prior to going into run-off in 1983, the UK Branch had written reinsurance treaties and other London Market business for a decade.
“Carrick is delighted to partner with IRB(Re) through this transaction and looks forward to working with them to complete the legal transfer,” said Phil Hernon (pictured), chief operating officer. “This type of transaction fits perfectly within Carrick’s strategy to aggregate legacy insurance liabilities and grow our team of skilled professionals.”
Carrick was established in 2019 and has operations in Bermuda, the UK and the US.
Earlier this month, it announced it had been bought by Northlight QIAIF, an Irish regulated company managed by London-based investment manager Northlight Group. Carrick was previously owned by Zimmer Financial Services Group.
Carrick also appointed Canopius Group founder Michael Watson as its non-executive chair and named Susan Pateras and Alan Waring as directors.
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