SRS continues strong growth
Strategic Risk Solutions, the world’s largest independent insurance company manager, continued its growth trajectory in 2021.
SRS said it participated in the Business Insurance survey of captive managers, reporting 427 total captives and 472 cells under management.
This represents a 12.5 per cent growth in managed entities in 2021 across all SRS businesses and regions.
The company formed 36 new captives in 2021 and increased its staff by 29.8 per cent to respond to the growth and provide future capacity.
The private company, which does not publish financial results, released a series of key performance indicators for the 2021 calendar year.
In its annual customer satisfaction survey, SRS said, it received improved overall satisfaction ratings with 99 per cent of respondents completing the survey.
Average ratings improved to 4.84 out of 5, up from 4.74 in 2020. Satisfaction ratings for the quality and level of interaction with staff also improved, SRS said.
SRS said it again completed an audit of its internal controls related to its insurance company management process.
This included the company’s expanded operations in Europe and client accounts previously managed by Dyna Management Services, which was acquired in October 2020.
The audit was carried out in accordance with the AICPA SSAE No 18 and IAASB ISAE 3402 standards.
SRS said it received a clean opinion for the design and operation of its internal controls in 2021 with no exceptions.
SRS chairman and CEO Brady Young, named this month by Captive Review as the most influential person in the captive insurance industry for the second year running, said: “2021 was an exciting year for SRS.
“We saw very strong demand for our services in our existing businesses in response to the commercial insurance market conditions, while at the same time investing in expansion activities and operational improvement projects.
“The result has been a very active period with the firm seeing strong growth in existing and new businesses.”
He added: “What is most pleasing has been our ability to grow while also improving the quality of the service provided to our customers, as measured by our customer satisfaction survey and SSAE18 audit results.
“This is due to the commitment, expertise and service of everyone at SRS. We have talented staff who put the interests of our clients first.
“We are well positioned to continue delivering high-quality management and consulting services to our existing clients while expanding our operations. We look forward to another strong year in 2022.”
SRS provides management and consulting services to a wide range of insurance company structures, from single-parent captives to complex commercial insurers and reinsurers.
SRS has operations in Bermuda, the United States, Europe, Barbados, Cayman Islands and South Africa.