Carrick Group Ltd, the Bermudian-headquartered international non-life legacy insurance business, has been acquired by Northlight QIAIF plc, an Irish regulated company managed by London-based investment manager Northlight Group LLP, from Zimmer Financial Services Group.

Shahar Zer, partner at Northlight Group LLP, said: “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.”

Susan Pateras, Alan Waring and Michael Watson have joined the board of Carrick Group as independent non-executive directors, with Mr Watson serving as chairman.

“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.”

The company said Mrs Pateras and Mr Waring bring extensive industry experience to the board.

Prior to joining the Carrick board, Mrs Pateras served as chief operating officer and executive director of Liberty Mutual Bermuda.

The company said she has an impressive track record of building underwriting portfolios and enhancing operations.

Mr Waring’s experience at Amwins Bermuda and in other non-executive director roles includes both carrier and broker sectors.

Mr 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 billion premiums in-force.

The company said 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.

Mr Watson previously served as a member of the Council of Lloyd’s and on the board of the Lloyd’s Market Association. He is also a chartered accountant.

The Carrick Group’s senior management team includes Phil Hernon, chief operating officer, and Devin O’Malley, chief financial officer, in addition to Mr Nichols.

A spokesman for Zimmer said Carrick was purchased at a premium to book value.

Stuart J Zimmer, chairman and chief executive of Zimmer Financial Services Group, said: “The sale of Carrick represents another successful Zimmer investment in the insurance industry. We’re excited to continue deploying capital to Ategrity, our booming specialty insurance company.”

In addition to Ategrity Specialty Insurance Company, its excess and surplus market insurer, its holdings include Iron Title Insurance Agency; Bermudian-based Sequentis Reinsurance; and Zimmer Partners, LP, a research-driven, multi-billion dollar investment adviser, the company said.

Established in 2019, Carrick has formed a non-life run off business with operations in Bermuda, the United Kingdom and the United States. Reinsurance is provided by Carrick Re Ltd, a Bermudian-based Class 3A insurer.

Northlight QIAIF plc is an umbrella investment company, authorised by the Irish Central Bank as a qualifying investor alternative investment fund.

Northlight Group LLP 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 (Undertakings for the Collective Investment in Transferable Securities) fund and regulated assets for insurance companies.