Carrick acquires Community Re from Hampden after $100m injection from Sequentis

The UK unit of Carrick Specialty Holdings, a New York-based international non-life legacy business that provides reinsurance and run-off management solutions, has acquired London-based reinsurer Community Reinsurance from Hampden.

The terms of the transaction were not disclosed.

The acquisition is Carrick’s first legacy transaction since Carrick Re, the company’s wholly owned reinsurance subsidiary, received its Class 3A insurer license from the Bermuda Monetary Authority earlier this year.

“Today’s news reflects two important steps forward in Carrick’s strategy,” said Karl Wall, chief executive officer at Carrick. “Through the completion of our first legacy transaction and the licensing of Carrick Re, we are well situated to offer customers a professional and disciplined approach to reinsurance and runoff finality solutions. We look forward to welcoming the talented team at Community Re to the Carrick family and working together to grow our platform.”

The Carrick Group has received initial capital of $100 million from Sequentis Financial, a financial services holding company whose businesses include other insurance operating companies and a multi-billion dollar investment management firm.

“I am delighted that The Carrick Group has completed its first transaction and that Carrick Re is able to provide reinsurance solutions to the legacy business,” commented Stuart Zimmer, chairman and chief executive officer at Sequentis.

“We look forward to supporting Karl and his team in growing Carrick into a leading player in the run-off industry,” Zimmer added.