Strategic Risk Solutions (SRS) has launched Superior Risk Solutions SAC, a class 3 segregated accounts company in Bermuda.
The company, licensed this month, is being formed to provide a Bermuda cell facility alternative to clients and trading partners of SRS.
Brady Young, president and CEO of SRS, commented: "We have been increasingly asked if we can provide an independent and open access Bermuda cell captive option that allows clients to fully unbundle, while taking advantage of the established infrastructure and strength of the Bermuda regulatory environment.”
According to SRS, the new SAC will be useful for entities that want to move from a carrier or broker-sponsored cell facility, or as an incubator for standalone captive programmes.
David Sykes, managing director of SRS Bermuda, added: "We have clients who left programme facilities to set up their own captive programmes in other SRS managed facilities. Superior Risk Solutions will give clients the option to stay in the domicile they are comfortable with and retain their existing service team.”
SRS currently manages three affiliated cell facilities and more than 20 limited access cell facilities in various domiciles.