Carrick Group subsidiary makes Cayman acquisition
Bermudian-based Carrick Group Ltd, the international non-life legacy insurance business providing reinsurance and run-off solutions, has expanded its footprint to include the Cayman Islands.
The company's wholly owned subsidiary, Carrick Holdings (Cayman) Ltd, has acquired Health Care Casualty Insurance Ltd, which is regulated by the Cayman Islands Monetary Authority.
Prior to entering run-off in 2016, HCCI wrote excess insurance policies covering general liability and medical malpractice insurance for several hospital groups.
“Carrick is delighted to complete its first acquisition in the Cayman insurance market,” said Devin O’Malley, the chief financial officer.
“This type of transaction fits perfectly within Carrick’s strategy to provide solutions to the insurance market and expand global operations to include the Cayman Islands.”
Established in 2019, Carrick has formed a non-life run-off business with operations in Bermuda, Britain and the United States.
Reinsurance is provided by Carrick Re Ltd, a Bermudian-based Class 3A insurer.
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