Strategic Risk Solutions Reports Growth in Entities Managed in 2021
March 31, 2022
Strategic Risk Solutions (SRS), the world's largest independent insurance company manager, experienced 12.5 percent growth in the number of entities it manages across all its regions and businesses during 2021.
While SRS is a private company and does not publish its financial results, it recently released a report highlighting key performance indicators for 2021.
SRS reported that it had 427 total captive insurance companies and 472 cells under management at the end of 2021. The company formed 36 captives in 2021 and increased the size of its staff by 29.8 percent to respond to growth and provide future capacity.
The company's annual customer satisfaction survey found SRS receiving improved overall satisfaction ratings. Average ratings improved to 4.84 out of 5, up from 4.74 out of 5 in 2020. Satisfaction ratings for the quality and level of interaction with staff also improved, SRS said.
SRS said it again completed an audit of its internal controls related to its insurance company management process. The audit was carried out in accordance with the AICPA SSAE No. 18 and IAASB ISAE 3402 standards, with SRS receiving a clean opinion for the design and operation of its internal controls in 2021 with no exceptions.
"2021 was an exciting year for SRS," SRS Chairman and CEO Brady Young said in a statement. "We saw very strong demand for our services in our existing businesses in response to the commercial insurance market conditions, while at the same time investing in expansion activities and operational improvement projects. The result has been a very active period, with the firm seeing strong growth in existing and new businesses.
"What is most pleasing has been our ability to grow while also improving the quality of the service provided to our customers, as measured by our customer satisfaction survey and SSAE18 audit results," Mr. Young said. "This is due to the commitment, expertise, and service of everyone at SRS. We have talented staff who put the interests of our clients first. We are well positioned to continue delivering high-quality management and consulting services to our existing clients while expanding our operations. We look forward to another strong year in 2022."
March 31, 2022