Tuesday, May 21, 2024

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Knauf appoints SRS to manage Luxembourg captive

Strategic Risk Solutions (SRS) Luxembourg has been appointed the manager of the Knauf captive.

Privately-held Knauf is a group of companies that form one of the world’s largest manufacturers of construction materials.

It formed Knauf Re in 2021 in response to the hard market conditions and originally appointed Aon as its captive manager.

Marcus Reichel, Knauf’s global head of insurance said: “We are delighted to work with SRS going forward, equally excited to embark on a long-lasting journey together with the SRS team and explore further risk financing solutions for our group.”

The company has 300 production facilities and sales organisations in more than 90 countries, as well as 41,500 employees worldwide.

Knauf has also owned a Vermont-domiciled captive in operation since 2018, which it inherited from an acquisition. It writes medical stop loss and terrorism and funds self-insured retentions (SIRs) for other property and casualty lines.

“We are delighted that our growth in Luxembourg and throughout Europe has been sufficiently strong to date to lead the SRS Luxembourg office to our first German client” said Maxime Schons, the SRS Luxembourg Managing Director.

“Knauf captive is a fantastic start, and we are already up-to-speed to provide the best in-class services from day one and throughout the relationship.”

SRS has been expanding its European operations over the past five years, with the company opening its first office in France in November last year as the country prepared to introduce captive legislation.