Legacy insurer Carrick buys Cayman health insurer

Bermuda-based legacy re/insurer Carrick Group has acquired a Cayman Islands-based health insurer which is in run-off. 

Carrick bought Health Care Casualty Insurance through its Cayman subsidiary.   

Prior to entering run off in 2016, HCCI wrote excess insurance policies covering general liability and medical malpractice insurance for several hospital groups.

“Carrick is delighted to complete its first acquisition in the Cayman insurance market,” said Devin O’Malley, chief financial officer. “This type of transaction fits perfectly within Carrick’s strategy to provide solutions to the insurance market and expand global operations to include the Cayman Islands.”

Established in 2019, Carrick has formed a non-life runoff business with operations in Bermuda, the United Kingdom and the US. Reinsurance is provided by Carrick Re, a Bermuda-based Class 3A insurer. Carrick’s senior management team includes Tom Nichols, Chief Executive Officer, Phil Hernon, Chief Operating Officer and O’Malley.

Carrick is owned by Northlight QIAIF, which is managed by Northlight Group.

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