Independent captive manager Strategic Risk Solutions has launched SRS Altitude, a managing general underwriter (MGU) that will focus on alternative risk transfer solutions, led by Loredana Mazzoleni Neglén.
An experienced Swiss Re executive of more than 20 years, Neglén has joined SRS Altitude as global CEO with several more “seasoned ART and corporate insurance industry experts” expected to join in the coming months.
SRS Altitude will begin operating in the first quarter of 2024 with structured (re)insurance and parametric products at the centre of its offering.
“We are thrilled to introduce Altitude as an integral part of our long-term commitment to providing exceptional client service,” said Brady Young, CEO of SRS.
“The launch of Altitude represents a significant milestone in our ongoing efforts to diversify our offerings and enhance our ability to differentiate and meet the evolving needs of our valued clients, captives and broker partners.”
SRS said Altitude would operate as an “independent entity under the SRS umbrella”, and is a “strategic move aimed at expanding its client services portfolio, offering a comprehensive suite of ART solutions designed to address the growing complex risk management challenges and needs of corporate clients across industries”.
Captive Intelligence understands SRS Altitude is in discussions with several potential capacity partners, including large multinational insurers, while the distribution model will draw on both the SRS portfolio of clients and broker networks.
Ron Sulisz, president of SRS, told Captive Intelligence entering the MGU business had been an ancillary service strategic initiative for SRS, and since the recent investment from Integrum Holdings LLP it has been able to explore more strategic opportunities.
“SRS Altitude will allow us to expand our alternative risk transfer products offering for our more sophisticated clients due to their expertise in structured reinsurance and parametric products,” he said.
“Our clients are exploring the range of insurance offerings, so these high-level solutions are becoming more interesting and relevant to them.
“The structured reinsurance and parametric products have more prevalence in the EMEA market, which is where our initial focus will be, but we will be expanding our geographic footprint in due course with additional offices and hires.”