Carrick acquires two Irish captives from Bristol Myers Squibb

Bermuda-based non-life legacy player Carrick Group has acquired two Irish captives from pharmaceutical firm Bristol Myers Squibb, The Insurer understands.

The two entities – BMS International Insurance DAC and Seamair Insurance DAC – are regulated by the Central Bank of Ireland.

The deal was advised by Strategic Risk Solutions.

Commenting on the transaction, Carrick’s chief operating officer Phil Hernon said: “Carrick is delighted to complete its first acquisition in the Irish market.

“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 operations.”

Carrick was formed in 2019 with operations in Bermuda, the UK and the US. Reinsurance is provided by Carrick Re, a Bermuda-based Class 3A insurer.

In January, Carrick Re entered into a loss portfolio transfer with Brazilian reinsurer IRB(Re) on behalf of its UK branch ahead of a Part VII transfer.

This followed the news that previous owner Zimmer Financial Group had completed a deal to sell Carrick to a unit of London-based investment manager Northlight Group.

Former Enstar US CEO Tom Nichols assumed the role of CEO last year, having previously served as head of M&A. He succeeded founder and run-off veteran Karl Wall.

Carrick’s chief financial officer Devin O’Malley previously served as chief strategy officer at SunPoint Re and vice president of corporate development at Aylesbury Insurance Acquisitions.