Reinsurance
Carrick Group expands with acquisition of two captives
Entry into Ireland aligns with its global strategy
Reinsurance
By
Kenneth Araullo
Bermuda-based non-life legacy business Carrick Group, specializing in reinsurance and runoff solutions, has agreed to acquire two Irish captives from US pharmaceutical company Bristol-Myers Squibb.
The transaction will be conducted through Carrick’s wholly owned subsidiary, Carrick UK Holdings Co Ltd, which will acquire BMS International Insurance DAC and Seamair DAC, both regulated by the Central Bank of Ireland.
Phil Hernon, Carrick’s chief operating officer, said the deal represents the company’s first entry into the Irish market.
“This type of transaction fits perfectly within Carrick’s strategy to provide solutions to the insurance market and expand global operations to include Irish subsidiaries to assist with European opportunities,” he said.
Carrick, founded in 2019, operates a non-life runoff business with operations in Bermuda, the United Kingdom, and the United States. Its reinsurance services are provided by Carrick Re Ltd., a Bermuda-based Class 3A reinsurer, owned by Northlight QIAIF plc and managed by Northlight Group LLP.
Earlier this year, Carrick Group announced that Carrick Re had entered into a loss portfolio transfer agreement with Brazil’s IRB Re, a private reinsurance company, focusing on IRB Re’s UK branch. The agreement is part of preparations for a Part VII transfer. As part of this transaction, Carrick UK Services Limited will take on the UK branch’s staff and operations.
The UK branch of IRB Re, which stopped writing new business in 1983, had been involved in underwriting reinsurance treaties and other business within the London Market for approximately a decade. This transaction represents another step in Carrick’s strategy to grow its presence in the runoff and reinsurance markets.
The acquisition of the Irish captives from Bristol-Myers Squibb, coupled with the loss portfolio transfer with IRB Re, underscores Carrick’s approach to expanding its reach in key markets.
These transactions are also in line with Carrick’s goal to provide comprehensive solutions to the insurance market and grow its global footprint.
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Publish date : 2024-09-13 02:19:00
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