Thursday, March 28, 2024

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Switzerland the latest addition in SRS Europe expansion

The continued expansion of SRS Europe has reached Switzerland with the first of three new hires in the country beginning work for the independent captive manager.

Twenty-eight captives are currently domiciled in Switzerland, including entities owned by Rio Tinto, Shell and Nestle. Self-management is common in Switzerland, but Aon is the dominant captive manager in the jurisdiction.

GCP Insights understands SRS’ Guernsey operations are set to move up a gear in the coming months with a captive management licence, the formation of a PCC and new hires on the horizon.

The independent captive manager has also ramped up formation activity in Malta, including the formation of a protected cell for Griffin, a professional indemnity mutual providing cover for intermediaries and MGAs. The establishment of a cell within Atlas Insurance PCC will enable Griffin to issue pan-European policies post Brexit.

A single parent application for a Spanish agricultural business is also pending in Malta.