Strategic Risk Solutions To Acquire Dyna Management Services
September 14, 2020
Strategic Risk Solutions (SRS) has reached an agreement to acquire Dyna Management Services Ltd. (Dyna), a leading independently owned insurance management company headquartered in Bermuda.
All members of Dyna's staff will remain with the firm, including Terence Power, the current CEO, president, and founder of Dyna, who will also join the board of SRS International.
The transaction, which is subject to regulatory approval, is expected to close by the end of September.
Since Dyna was established in 2011 by Mr. Power, the firm has grown into one of the leading independent insurance management firms in Bermuda. In addition to its operations in Bermuda, a wholly owned subsidiary provides insurance management services in the Cayman Islands.
SRS is the world's largest independent captive management company and the fourth largest overall. In addition to operations in Bermuda and the Cayman Islands, SRS operates in the United States, Barbados, and Europe.
Both SRS and Dyna have strong client bases among healthcare-owned captives and financial services clients.
"Finding the right home for our clients and staff is important to me, and I believe I have found it with SRS," Mr. Power said in a statement. "Not only does it allow us to continue to serve our clients without public shareholder pressure or conflicts of interest, but it reinforces the standing of the combined company as the leading independent manager in Bermuda, Cayman, and globally. This is an ideal platform to build on what we have developed at Dyna."
"We have known Terry a long time and admired the business that he and his colleagues at Dyna have built," Brady Young, CEO and president of SRS, said in the statement. "Like SRS, Dyna is independent, and their clients and trading partners understand and value what that means in terms of our ability to focus on clients and being a great employer where the best people in the industry want to work.
"As we went through the due diligence process, we realized the depth of the synergies between the two firms and the strong strategic and cultural fit," Mr. Young said. "We look forward to welcoming our new colleagues to SRS and to continuing the high levels of proactive service provided to Dyna clients."
September 14, 2020