Strategic Risk Solutions (SRS), an independent insurance company manager, has agreed to acquire Garnet Captive Insurance Services, a provider of alternative risk consulting and brokerage services, including captive insurance program services.
Founded in 2002, the Philadelphia-based PA firm partners with select retail brokers to educate and implement group captive solutions for their clients.
These captive programs have been created to help employers access the benefits of self-insurance without taking on undue risk. The group captives are member-owned and operated for the benefit of those members.
Commenting on the acquisition, which is subject to customary regulatory approvals, Brady Young, SRS CEO, said: “There has been significant growth in the use of group captives, given their ability to help businesses in the middle market to reduce and stabilise the cost of their property and casualty risk.
“Garnet has some unique features to their group captives, and having Garnet as part of SRS enhances our current services and capabilities for this growing market. The expertise, reputation, and high touch approach make the Garnet team a perfect fit for SRS.”
“We’ve worked hard over the past 22 years to create dynamic programs that reduce the cost of insurance for business owners working side-by-side with their trusted advisors,” said JJ Purdy, Garnet President & Founder.
“SRS brings a broader base of prospective members to our group captives which means more business owners can take advantage of our flexible programs to help reduce costs and control their own risk. SRS’ reputation of being a trusted and dedicated leader in the industry speaks for itself.
“Our value systems align in that we both focus on the needs of our clients and brokerage partners first and strive to deliver best in class service and solutions. Joining forces to continue that endeavour only makes sense.”
