Strategic Risk Solutions Announces 500th Captive Client
May 06, 2019
Strategic Risk Solutions (SRS) announced the addition of its 500th captive management client (captives and cells).
Old Main Assurance, Ltd. (Old Main), a Class 1 Bermuda-domiciled captive insurance company, selected SRS on April 1, 2019, and will be moving over from another manager in the coming months. The captive is owned by Marathon Oil, a US publicly owned exploration and production energy company headquartered in Houston, Texas.
Brady Young, CEO and founder of SRS, commented that achieving "500 captive management clients represents a significant milestone for the firm. It is validation of the need for a strong independent captive manager in the market delivering consistently high-quality management services and objective consulting advice.
"That was the vision we set for the firm 17 years ago with the management buyout, but to be honest I never imagined we would grow to have 500 client programs under management!," Mr. Young continued.
"This growth with almost no client attrition has only been possible through the hard work of my colleagues, a focus on the needs of our customers, and the support of our clients," added Mr. Young.
"The fact that Old Main is our 500th client is symbolic of two important aspects of our business:
- First, we are seeing more interest and activity from Fortune 500 companies and large organizations, which we believe shows a growing acknowledgment of the need for an alternative to the large broker-owned managers.
- Second, this account was won through the teamwork of our SRS West captive management team, which manages Marathon Oil's Texas-domiciled captive, St. James Assurance, LLC (St. James), and our Bermuda captive management team demonstrating SRS's one-firm philosophy and commitment to consistent service across domiciles.
"We look forward to a long and successful partnership with Marathon Oil and its captives," said Mr. Young.
"We initially chose SRS to manage St. James in Texas because of the local servicing SRS could provide in the state. That relationship has worked well, and we have been pleased with the quality of the services SRS has provided," said Libby Henry, insurance operations supervisor, Marathon Oil. "It was a natural step to consider SRS for the management of Old Main. We were impressed by the team in Bermuda and are looking forward to expanding the relationship."
May 06, 2019