- Posted by: Andrew Berry
- Category: news
Dublin, Ireland, 14 November, 2018
Strategic Risk Solutions Europe (SRS Europe) today announced that Mary McMorrow has joined the firm as Associate Director and Head of Governance Services Europe. Ms. McMorrow leads a newly formed practice to develop and deliver governance services to European captives and commercial insurance companies.
Ms. McMorrow joins SRS Europe from Marsh Captive Management Dublin, a firm she returned to after being the Head of Compliance at an Irish subsidiary of a large French multinational financial services firm. Mary is a fluent French speaker and a Chartered Accountant. Prior to joining the captive industry in 2007 Mary lived and worked in Luxembourg where she held a senior role at a big four audit firm. More recently at Marsh, Mary developed and delivered a standardized approach to governance reporting for Marsh captive clients across its European offices. She will work closely with SRS Group Governance Practice leader Derick White a former regulator with the Vermont Department of Financial Regulation.
“With a number of annual reporting cycles under the Solvency II regime complete, it is becoming more apparent that the industry needs to address what is an unproportionate approach to captive governance. SRS Europe has established a governance practice that offers customers services as part of overall management services or as an independent and dedicated separate layer to existing service providers”, said Stuart King, President & CEO of SRS Europe.
“We are seeing a great demand for governance services from European captive owners frustrated with the current onerous governance requirements of Solvency II and the one size fits all approach from larger management firms. We welcome Mary, a highly regarded professional, to our firm to help our clients approach governance in a compliant yet added value and proportionate manner. There is a danger that regulation can leave captive board members focusing too much time and resources on compliance and not enough on looking at opportunities for their captives to support their Group’s overall risk finance strategy”, added King.
King further added, “During 2019 SRS Europe is planning to support captive owners and industry representative bodies navigate EIOPA to seek a more proportionate and consistent approach to captive governance across Europe”.
“Captive owners in Europe are looking for increased guidance and support in optimizing their governance arrangements. With the implementation of Solvency II behind us, now is the time for captive owners to stand back and assess their governance arrangements to ensure they are fit for purpose”, said Mary McMorrow.
“With a lot of practical experience in this area I believe good governance can add tremendous value to the effective running of a captive and its Board. I look forward to joining SRS Europe and helping clients develop and implement governance approaches that add value within their overarching mission and operations.”, added McMorrow.
About Strategic Risk Solutions (SRS) www.strategicrisks.com
SRS is one of the largest captive management firms in the world and the leading independently owned manager. The company has representation in all major US captive domiciles, Bermuda, Cayman, Barbados and Europe. It provides financial reporting, regulatory compliance, governance and consulting services to the captive insurance industry.