Carrick Group Ltd, the Bermudian-based international non-life legacy insurance business providing reinsurance and run-off solutions, has expanded its global footprint.

The company’s wholly-owned subsidiary, Carrick UK Holdings Company Ltd, has reached agreement with Bristol-Myers Squibb Company to acquire their two Irish captives — BMS International Insurance DAC and Seamair Insurance DAC, both of which are regulated by the Central Bank of Ireland.

“Carrick is delighted to complete its first acquisition in the Irish market,” said Phil Hernon, chief operating officer.

“This type of transaction fits perfectly within Carrick’s strategy to provide solutions to the insurance market and expand global operations to include Irish subsidiaries to assist with European opportunities.

“We would also like to thank Strategic Risk Solutions for the proactive role that they performed in assisting with the conclusion of both deals.”

The news comes just six weeks after another Carrick subsidiary, Carrick Holdings (Cayman) Ltd, acquired Health Care Casualty Insurance Ltd, which is regulated by the Cayman Islands Monetary Authority.

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.