Strategic Risk Solutions (SRS) has announced that it will be acquiring the operations of Dyna Management Services Ltd.
Dyna is an independently owned insurance management company headquartered in Bermuda.
It’s been decided that all staff of Dyna will remain with the firm, including Terence Power, the current CEO and founder of Dyna, who will also join the board of SRS International.
The transaction is subject to regulatory approval and is expected to close by the end of September.
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.”
Terence Power, President and CEO of Dyna added: “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.”