Strategic Risk Solutions has agreed to acquire Philadelphia-based Garnet Captive Insurance Services, a firm that partners with retail brokers to implement group captive solutions for clients.
The acquisition is subject to customary regulatory approvals.
“There has been significant growth in the use of group captives, given their ability to help businesses in the middle market to reduce and stabilize the cost of their property and casualty risk,” said Brady Young CEO at SRS.
Brady said Garnet has some unique features to their group captives, and having Garnet as part of SRS enhances the company’s current services and capabilities.
“The expertise, reputation, and high touch approach make the Garnet team a perfect fit for SRS,” he added.
Garnet was founded in 2002 and has created group captive programmes that help employers access self-insurance, while the group captives are member-owned and operated for the benefit of those members.
“We’ve worked hard over the past 22 years to create dynamic programs that reduce the cost of insurance for business owners working side-by-side with their trusted advisors,” said JJ Purdy, president & founder at Garnet.
“SRS brings a broader base of prospective members to our group captives which means more business owners can take advantage of our flexible programs to help reduce costs and control their own risk. SRS’ reputation of being a trusted and dedicated leader in the industry speaks for itself.
“Our value systems align in that we both focus on the needs of our clients and brokerage partners first and strive to deliver best in class service and solutions. Joining forces to continue that endeavour only makes sense.”
In January SRS acquired captive and insurance manager Robus from the Ardonagh Group, strengthening its presence in Guernsey and adding Gibraltar to its list of domicile options.