Strategic Risk Solutions (SRS) is set to acquire the operations of Bermuda insurance manager Dyna Management Services.
The deal, which is expected to close at the end of September, will see all staff of Dyna will remain with the firm.
In addition, Terence Power, the current CEO and founder of Dyna will join the board of SRS International.
Commenting on the acquisition, 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”, added Power.
Dyna was established in 2011 by Power and provides insurance management and fund administration services to firms in Bermuda and the Cayman Islands.
Brady Young, CEO and president of SRS, stated: “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 continuing the high levels of proactive service provided to Dyna clients.”
SRS recently announced the appointment of Rebecca Hale as regional manager for Mid-Atlantic.
