Strategic Risk Solutions (SRS) has reached an agreement to acquire Garnet Captive Insurance Services, a Philadelphia-based firm.
The acquisition awaits customary regulatory approvals.
Brady Young, CEO of SRS, comments: “There has been significant growth in the use of group captives, given their ability to help businesses in the middle market reduce and stabilise the cost of their property and casualty risk.
“Garnet has some unique features for their group captives, and having Garnet as part of SRS enhances our current services and capabilities for this growing market.”
Founded in 2002, Garnet has developed group captive programmes that enable employers to benefit from self-insurance without incurring unnecessary risk.
JJ Purdy, Garnet president and founder, says: “We have worked over the past 22 years to create dynamic programmes that reduce the cost of insurance for business owners working side-by-side with their trusted advisors.
“SRS brings a broader base of prospective members to our group captives, which means more business owners can take advantage of our flexible programmes to help reduce costs and control their own risk.”
SRS, with more than 30 years of experience, provides management and consulting services to a wide range of insurance company entities, from single parent captives to complex commercial insurers and reinsurers.
