Strategic Risk Solutions adds Barbados segregated cell company

Strategic Risk Solutions, Inc., an independent provider of insurance, reinsurance and captive management and consulting services, has acquired a segregated cell company in Barbados, increasing its range of options for those looking for structures to support insurance and reinsurance related transactions.

Strategic Risk Solutions (SRS) already offers a range of segregated and protected cell structures, which can be utilised for alternative risk transfer solutions, from captive insurance to enabling investors from the capital market to participate in reinsurance deals.

SRS already has cell facilities in Bermuda, Cayman, Guernsey, North Carolina, and Vermont.

The company said that it has acquired Global Re SCC, a Barbados-registered Segregated Cell Company (SCC).

Global Re SCC was set up in 2004 under the Companies Act of Barbados and has a Class 1 license that allows it to undertake both general insurance business and long-term insurance, including ordinary life insurance.

SRS Barbados Managing Director Kirk Cyrus will oversee the integration of Global Re SCC into SRS’ operations.

“Our acquisition of Global Re SCC represents the addition of yet another solution for SRS’s rent-a-captive clients as well as for capital market investors looking to participate in re/insurance programs,” Cyrus explained.

“The hardening commercial market has stimulated an interest in alternative risk solutions, and this deal furthers our Barbados and groupwide objective of providing every available tool to our clients to have a strong negotiating position within the market.”

SRS offers its Protected Cell and Segregated Account facilities to enable capital market investors to participate in collateralised reinsurance deals, while also offering fund accounting and administration solutions to the insurance-linked securities (ILS) market.