UK investment manager acquires legacy insurer Carrick
London-based investment manager has acquired Bermudian legacy insurer Carrick Group, with the company also announcing several new appointments, including Canopius founder Michael Watson (pictured) as non-executive chairman.
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.
Carrick has also appointed Canopius Insurance founder Watson as non-executive chairman and insurance veterans Susan Canopius and Alan Waring as independent directors of the company.
Watson is the founder and chairman of specialty lines re/insurer Canopius Group. He 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.
Nichols, Carrick’s chief executive officer, said: "We are delighted to welcome Susan, Alan, and Michael to Carrick’s Board, and look forward to executing our growth plan under their guidance. The addition of these accomplished individuals reinforces Carrick’s dedication to maintaining the highest standards of corporate governance."
Shahar Zer, partner, Northlight Group, added: "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."
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
