Strategic Risk Solutions (SRS) is expanding its captive insurance business with the opening of an office in Austin, Texas.
Andrew Marson, a senior account manager with the company’s western US division will initially split time between Scottsdale, AZ where he is currently located and the Texas office, relocating full-time to Austin in April 2015.
Texas passed its captive law in June 2013 and has subsequently licensed its first captive insurance companies, although Senate Bill 734 requires that affiliated companies have significant operations in Texas in order to form or move a captive to the state.
Captives licensed in Texas can only insure operational risks of affiliated companies and controlled unaffiliated business; the statute prohibits captives from accepting insurance policy risks of an insurance affiliate.
“Texas as a domicile will be particularly attractive to Texas based companies”, says Brady Young, president of SRS. “We have very good client and partner relationships in the state and we feel that it is important to have a local presence to better serve the needs of these organizations,” he adds.
Strategic Risk Solutions Texas’ operations will be part of the company’s western region managed by Ann Wick, president of Strategic Risk Solutions (West) Inc. In addition to providing a local Texas presence, the Austin office will support domiciles in the central time zone including Oklahoma and Missouri where the firm has seen recent growth. “Andrew will continue to oversee his current clients while helping grow our presence in Texas. He is an experienced captive manager and we are confident he will be a valuable addition to the Texas captive community”, says Wick.
Jeff Hunt, admissions officer for the Texas department of insurance’s financial regulation division, concludes: “It is important that we build a strong infrastructure of captive service providers in the state to support our captive law. SRS provides an experienced, strong and independent option for Texas captives. We look forward to working with SRS and Andrew Marson in developing our captive industry.”
SRS, Strategic Risk Solutions, Texas, Senate Bill 734