Carrick Holdings (Bermuda) has entered into an agreement with the Bank of Montreal to provide funding of up to $40 million for legacy transactions.

The Bermuda-based company is a subsidiary of Carrick Specialty Holdings LLC, an international non-life legacy business providing reinsurance and run-off management solutions.

Karl Wall, chief executive officer of the parent company, said: “This credit agreement provides access to additional funding to help drive Carrick Group’s continued expansion.

“We look forward to what we hope will be a long and productive relationship with Bank of Montreal.”

Carrick was advised by DLA Piper, and Mayer Brown LLP was adviser to the Bank of Montreal.

The Carrick Group was founded in 2019 by Mr Wall, a run-off industry veteran who served for eight years as president and CEO of Enstar (US) Inc.

The company said that its highly experienced management team includes several former Enstar Group executives: Richard Harris, group chief financial officer; Thomas Nichols, group head of mergers and acquisitions and US chief financial officer; and Phil Hernon, UK and European managing director.

Peter Lies, formerly of CNA, serves as group president.

Established towards the end of 2019 by Sequentis Financial LLC, The Carrick Group said that it has formed a non-life run-off business with operations in Bermuda, London and the United States.

Reinsurance is provided by Carrick Re Ltd, a Bermuda-based Class 3A Insurer.

Carrick Specialty Holdings LLC is headquartered in New York and domiciled in Delaware.