Strategic Risk Solutions to acquire Dyna
Strategic Risk Solutions, the fourth largest captive management company in the world, has reached an agreement to acquire the operations of Bermudian-based Dyna Management Services Ltd.
All staff of Dyna, an independently-owned insurance management company, will remain with the firm, including Terence Power, the current chief executive officer and founder of Dyna who will also join the board of SRS International.
The transaction, which is subject to regulatory approval, is expected to close by the end of September.
Dyna was established in 2011 by Mr Power and has grown into one of the leading independent insurance management and fund administration firms in Bermuda. In addition to Bermuda, a wholly owned subsidiary provides insurance management services in the Cayman Islands.
SRS is the world's largest independent captive management company and the fourth largest overall. In addition to Bermuda and the Cayman Islands, the company operates in the US, Barbados and Europe.
Mr Power said: “Finding the right home for our clients and staff is important to me and I believe I have found it with SRS. Not only does it allow us to continue to serve our clients without public shareholder pressure or conflicts of interest, but it reinforces the standing of the combined company as the leading independent manager in Bermuda, Cayman and globally. This is an ideal platform to build on what we have developed at Dyna”.
Commenting on the acquisition, Brady Young, CEO and president of SRS, said: “we have known Terry a long time and admired the business that he and his colleagues at Dyna have built. Like SRS, Dyna is independent and their clients and trading partners understand and value what that means in terms of our ability to focus on clients and being a great employer where the best people in the industry want to work.
“As we went through the due diligence process, we realised the depth of the synergies between the two firms and the strong strategic and cultural fit. We look forward to welcoming our new colleagues to SRS and to continuing the high levels of proactive service provided to Dyna clients.”