9 January 2024News

UK investment manager buys legacy insurer

Bermuda-based legacy insurer Carrick Group has been bought by a London-based investment manager. 

Terms were not disclosed. 

Carrick has also appointed Canopius Insurance founder Michael Watson (pictured) as non-executive chairman and insurance veterans Susan Pateras and Alan Waring as independent directors of the company. 

Carrick, which manages non-life legacy insurance business, has been acquired by Northlight QIAIF, an Irish regulated company managed by London-based investment manager 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, Northlight Group LLP.

"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."

Watson is the founder and chairman of Canopius Group, a leading specialty lines (re)insurer with more than $1 billion in capital and $2.5 billionn premiums in-force. Watson led the management buy-out of Canopius in 2003 with £25 million 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. 

Pateras served as chief operating officer and executive director of Liberty Mutual Bermuda. Waring is a director of Amwins Bermuda and Brit Insurance Bermuda and is a veteran re/insurance broker.

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.

Established in 2019, Carrick was established in 2019 and operates 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. 

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. 

Established in 2015, Northlight QIAF is an umbrella investment company, authorised by the Irish Central Bank as a qualifying investor alternative investment fund.

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