Richard Daley is to become a managing director of Strategic Risk Solutions (Bermuda) Ltd.

Mr Daley, who leaves his position as president of JLT Insurance Management (Bermuda) Ltd for his new role, will take up the post on August 1, the company said in a statement.

Mr Daley will work alongside David Sykes and Andrew Hupman, also managing directors, in SRS’s Bermuda office, the company said. SRS said he will also join the board of SRS International, which includes SRS’s activities in Bermuda, the Cayman Islands and Barbados.

SRS, a provider of captive management and consulting services, is the fifth largest captive management firm in the world and the leading independently owned manager, the company said. SRS has representation in all US captive domiciles, as well as Bermuda, Barbados, Cayman and Europe, the company said.

Mr Daley said: “I am proud of the captive management business we built at JLT and it is difficult to walk away from that. SRS represents a new chapter in my career and an opportunity to work for an independent captive manager focused on delivering top-quality captive management services to its clients.”

Brady Young, president and chief executive officer of SRS, said: “Richard is a leading figure in the Bermuda captive insurance industry and we are excited to have him join us.

“We believe there are opportunities to continue to expand our business in Bermuda and provide a viable high-quality option to the broker-owned managers. Richard will help us take our business to the next level, both in terms of strengthening our local presence and the breadth of the services we provide to our captive clients.”

Mr Sykes said: “Andrew and I have tremendous respect for the work that Richard has done at JLT and for the Bermuda captive industry in general. He was always a strong adversary as a competitor and we look forward to working with Richard to continue to build our Bermuda business.”