Concord, MA, March 28, 2024 – Strategic Risk Solutions (SRS), the world’s largest independent insurance company manager, today announced that it has reached an agreement to acquire Garnet Captive Insurance Services, a Philadelphia, PA firm that partners with select retail brokers to educate and implement group captive solutions for their 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, SRS CEO. “Garnet has some unique features to their group captives, and having Garnet as part of SRS enhances our current services and capabilities for this growing market. The expertise, reputation, and high touch approach make the Garnet team a perfect fit for SRS.”
Garnet was founded in 2002 and has created group captive programs that help employers access the benefits of self-insurance without taking on undue risk. 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, Garnet President & Founder. “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 endeavor only makes sense.”
About Strategic Risk Solutions:
SRS is the world’s largest independent insurance company manager. With over 30 years of experience, SRS provides management and consulting services to a wide range of insurance company entities, from single parent captives to complex commercial insurers and reinsurers. SRS has operations in the United States, Canada, Europe, Barbados, Bermuda, Cayman Islands, Latin America, and South Africa. For more information on SRS, please visit www.strategicrisks.com.
About Garnet Captive Insurance Services:
Garnet Captive Insurance Services specializes in group captive program administration. Garnet has over two decades of experience providing alternative risk insurance solutions for mid-sized employers. To date, Garnet’s unique group captive structures have been successful in reducing employers’ premium rates and cost volatility, while unbundling services to allow employers access to high quality third-party providers. For more information on Garnet, please visit www.garnetcaptive.com.
For media inquiries, please contact:
Sandra St. Onge
sandra.st.onge@strategicrisks.com
781-666-5011
