- Posted by: Andrew Berry
- Category: news
Concord, MA, September 14, 2020
Strategic Risk Solutions (SRS) today announced that it has reached agreement to acquire the operations of Dyna Management Services Ltd. (Dyna), a leading independently owned insurance management company headquartered in Bermuda. All staff of Dyna will remain with the firm, including Terence Power, the current CEO and founder of Dyna who will also join the board of SRS International. The transaction, which is subject to regulatory approval, is expected to close by the end of September 2020.
Dyna was established in 2011 by Terence Power and has grown into one of the leading independent insurance management and fund administration firms in Bermuda. In addition to Bermuda, a wholly owned subsidiary provides insurance management services in the Cayman Islands.
SRS is the world’s largest independent captive management company and the fourth largest overall. In addition to Bermuda and the Cayman Islands, the company operates in the US, Barbados and Europe. Both companies have a strong client base among healthcare owned captives and financial services clients.
“Finding the right home for our clients and staff is important to me and I believe I have found it with SRS”, said Terence Power, President and CEO of Dyna. “Not only does it allow us to continue to serve our clients without public shareholder pressure or conflicts of interest, but it reinforces the standing of the combined company as the leading independent manager in Bermuda, Cayman and globally. This is an ideal platform to build on what we have developed at Dyna”, added Power.
Commenting on the acquisition, Brady Young, CEO and President of SRS stated “we have known Terry a long time and admired the business that he and his colleagues at Dyna have built. Like SRS, Dyna is independent and their clients and trading partners understand and value what that means in terms of our ability to focus on clients and being a great employer where the best people in the industry want to work.”
“As we went through the due diligence process, we realized the depth of the synergies between the two firms and the strong strategic and cultural fit. We look forward to welcoming our new colleagues to SRS and to continuing the high levels of proactive service provided to Dyna clients”, added Young.
About Strategic Risk Solutions (SRS) www.strategicrisks.com
SRS is the 4th largest captive management firm in the world and the leading independently owned manager. The company has representation in all US captive domiciles, Barbados, Bermuda, Cayman and Europe. It provides financial reporting, regulatory compliance and program management services to a wide variety of single parent, group and other insurance companies.
About Dyna Management Services Ltd. (Dyna) www.dyna.bm
Dyna is an independently owned management company established in 2011. It provides insurance management, fund administration and consulting services in Bermuda and insurance management services in the Cayman Islands. KPMG Advisory Limited in Bermuda acted as Corporate Finance advisor to Dyna in relation to the transaction.