Tuesday, March 28, 2023

SRS buys majority stake in MSL claims adminstrator

Strategic Risk Solutions has acquired a majority interest in specialist medical stop loss claims administrator Alpha Isles Services LLC (AIS).

The expansion of SRS’ services into claims administration follows the news that New York private equity firm Integrum had made an investment into the independent captive manager.

AIS provides outsourced claims administration services to medical stop loss managing general underwriters (MGUs) as well as claims review and audit services to insurance companies.

“We have been impressed by the level of services provided by AIS and the best practices they bring to the operation of a medical stop loss claims department,” said Brady Young, president and CEO of  SRS.

“This is a great opportunity to bring these services to our clients and partners and continue to grow AIS. The expansion of our services into claims administration in the medical stop loss space is consistent with the selective addition of services complementary to our captive management business.”

AIS was only founded in 2021 by Anne Trupiano, Robyn Eagan, and Nina Carrico and is headquartered in Massachusetts, operating across the United States.

Eagan and Carico will continue as vice presidents of the company with Trupiano leaving the business.

“We are grateful for the opportunity we have had to start AIS and work with Anne Trupiano to successfully establish the company,” said Eagan.

“We are also excited to build out our vision for a best-in-class claims administration company with the support of SRS.

“Their reputation within the alternative market and relationships with brokers, employers, insurance companies and other service providers provides an ideal platform for us to deliver and enhance our services.”