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Carrick secures $40mn bank funding for legacy deals

Legacy specialist Carrick Specialty Holdings has secured a credit arrangement with the Bank of Montreal for its subsidiary Carrick Holdings that provides up to $40mn in funding for further legacy transactions.

The group was founded in October 2020 with $100mn of initial capital from Sequentis Financial.

It completed its first legacy deal, the acquisition of Community Re from Hampden, in December last year, in a transaction first revealed by this publication.

Carrick CEO Karl Wall said: “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.”

Wall, a former Enstar US chief, was an original founder of the group, which includes several Enstar alumni including Richard Harris as CFO, Thomas Nichols as group head of M&A and US CFO, and Phil Hernon, UK and European managing director.

Peter Lies, formerly of CNA, is group president.

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

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