Jireh Risk Advisors and Strategic Risk Solutions have partnered to launch Strata ILS, a Special Purpose Insurer (SPI) licensed by the Bermuda Monetary Authority.
Strata ILS is an unrestricted SPI, managed by SRS, that will be used for ILS transformer transactions.
“SRS is an independent insurance management firm with considerable scale and a client-first model,” said Sal Tucci, founder and CEO of Jireh.
“This sets SRS apart from all other insurance managers and gives our ILS clients access to the best management services.”
Tucci said the market has long been seeking a platform that provides “high-quality execution” and administrative service as well as a strong understanding of the ILS market.
“Strata is the new service standard for the transformation market, and it represents just the first of many initiatives that will propel SRS to become the provider of choice across the entire ILS market,” Tucci added.
Jonathan Reiss, managing director of SRS, said: “Sal is a proven leader and innovative strategist in the ILS sector who is already working with several of our clients in the ILS and broader commercial reinsurance sectors addressing strategy as well as operational efficiency.
“He brings considerable additional capability to our team, and we’re thrilled to be partnering with Sal and the Jireh team.”