Northlight acquires Carrick Group, appoints new directors

Northlight acquires Carrick Group, appoints new directors | Insurance Business Asia

Reinsurance

Northlight acquires Carrick Group, appoints new directors

Company highlights the importance of the legacy sector

Reinsurance

By
Kenneth Araullo

Carrick Group, a Bermuda-based company specializing in non-life legacy insurance, reinsurance, and run-off solutions, has announced its acquisition by Northlight QIAIF, an Irish regulated entity managed by London-based Northlight Group LLP.

In a news release, Northlight expressed enthusiasm for acquiring Carrick, highlighting the company’s established team and its track record in the legacy insurance sector.

With the acquisition in place, Carrick Group also welcomed new members to its board of directors. Susan Pateras, Alan Waring, and Michael Watson have joined as independent non-executive directors, with Watson assuming the role of chairman.

Pateras and Waring bring a wealth of insurance and reinsurance experience to the board. Pateras’ previous role as COO and executive director at Liberty Mutual Bermuda involved building underwriting portfolios and improving operations. Waring has experience in both the carrier and broker sectors, including his time at Amwins Bermuda and in various non-executive director roles.

Watson, the founder and chairman of Canopius Group, a prominent specialty lines insurer, brings significant industry experience. He led Canopius’ management buy-out in 2003 and played a key role in the company’s growth, both organically and through acquisitions, before stepping down as CEO at the end of 2021. His past experience includes serving on the Council of Lloyd’s and the Lloyd’s Market Association’s board. He is also a Chartered Accountant.

In addition to CEO Tom Nichols, Carrick Group’s senior management team includes Phil Hernon, chief operating officer, and Devin O’Malley, chief financial officer.

“We are delighted to welcome Susan, Alan, and Michael to Carrick’s Board, and look forward to executing our growth plan under their guidance. The addition of these accomplished individuals reinforces Carrick’s dedication to maintaining the highest standards of corporate governance,” Carrick Group CEO Tom Nichols said.

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