SRS Acquires Garnet Captive Insurance Services

Strategic Risk Solutions (SRS) has confirmed its agreement to acquire Garnet Captive Insurance Services, a Philadelphia-based firm. Garnet collaborates with select retail brokers to offer education and deploy group captive solutions for their clients. The acquisition is pending customary regulatory clearances.

"There has been significant growth in the use of group captives, given their ability to help businesses in the middle market to reduce and stabilize the cost of their property and casualty risk," said Brady Young, SRS CEO. "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."

Established in 2002, Garnet has developed member-owned group captive programs that operate for the collective benefit of their members.

"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 and 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."