Strategic Risk Solutions Acquires Interest in Alpha Isle Services
March 07, 2023
Independent insurance company manager Strategic Risk Solutions (SRS) has acquired a majority interest in Alpha Isle Services (AIS), a specialist medical-stop-loss claims administrator.
AIS provides outsourced claims administration services to medical-stop-loss managing general underwriters (MGUs) as well as claims review and audit services to insurance companies.
"We have been impressed by the level of services provided by AIS and the best practices they bring to the operation of a medical-stop-loss claims department," Brady Young, president and CEO of Strategic Risk Solutions, said in a statement. "This is a great opportunity to bring these services to our clients and partners and continue to grow AIS. The expansion of our services into claims administration in the medical-stop-loss space is consistent with the selective addition of services complementary to our captive management business."
AIS was founded in 2021 by Anne Trupiano, Robyn Eagan, and Nina Carrico. The company is headquartered in Massachusetts and operates nationwide. Following the acquisition, Ms. Eagan and Ms. Carrico will continue as vice presidents of the company, with Ms. Trupiano withdrawing from the business.
"We are grateful for the opportunity we have had to start AIS and work with Anne Trupiano to successfully establish the company," Ms. Eagan said in the statement. "We are also excited to build out our vision for a best-in-class claims administration company with the support of SRS. Their reputation within the alternative market and relationships with brokers, employers, insurance companies, and other service providers provide an ideal platform for us to deliver and enhance our services."
SRS provides management and consulting services to a wide range of insurance company structures, from single-parent captive insurance companies to complex commercial insurers and reinsurers. SRS has operations in the United States, Europe, Barbados, Bermuda, Canada, the Cayman Islands, and South Africa.
March 07, 2023