The Carrick Group Announces $40 Million Credit Agreement With Bank of Montreal

NEW YORK--(BUSINESS WIRE)--Carrick Specialty Holdings LLC (“The Carrick Group” or “Carrick”), an international non-life legacy business providing reinsurance and run-off management solutions, today announced that its Bermuda-based subsidiary, Carrick Holdings (Bermuda), has entered into an agreement with Bank of Montreal to provide funding of up to $40 million for legacy transactions.

“This credit agreement provides access to additional funding to help drive Carrick Group’s continued expansion. We look forward to what we hope will be a long and productive relationship with Bank of Montreal,” said Karl Wall, Chief Executive Officer of Carrick.

Carrick was advised by DLA Piper, and Mayer Brown LLP was advisor to Bank of Montreal.

The Carrick Group was founded in 2019 by Mr. Wall, a run-off industry veteran who served for eight years as President and CEO of Enstar (US) Inc. The company’s highly experienced management team includes several former Enstar Group executives: Richard Harris, Group Chief Financial Officer; Thomas Nichols, Group Head of Mergers & Acquisitions and US Chief Financial Officer; and Phil Hernon, UK and European Managing Director. Peter Lies, formerly of CNA, serves as Group President.

About The Carrick Group

Established towards the end of 2019 by Sequentis Financial LLC, Carrick has formed a non-life runoff business with operations in Bermuda, London and the United States. Reinsurance is provided by Carrick Re Ltd, a Bermuda-based Class 3A Insurer. Carrick Specialty Holdings LLC is headquartered in New York and domiciled in Delaware. For more information about The Carrick Group visit www.carrickholdings.com.