Strategic Risk Solutions (SRS) has formed a governance, risk and compliance (GRC) practice to provide qualified independent directors, corporate governance consulting and regulatory compliance to insurers - including captives.
Spearheading this new unit is Derick White, who has almost 30 years of experience in captive insurance, having joined SRS in 2008. He served as the president of the Vermont office and has actively supported the Eastern US offices.
Prior to this, White served as director of captive insurance for the State of Vermont.
“There is an increasing amount of corporate governance legislation affecting the insurance industry, with a trickle down impact on captive insurers. Some of these services can be satisfied within our standard captive management services, but many go well beyond the scope of captive management and may not be best provided by the same firm that is managing the captive”, said Brady Young, president and CEO of SRS.
“Creating a separate practice group allows SRS to bring a comprehensive but flexible approach to corporate governance whether an insurer is looking purely to comply with regulations or for best practices.”
The GRC practice’s services will range from providing independent outside directors to providing a full range of governance services to comply with regulations such as Solvency II, RRG governance standards and insurance codes of conduct.
Further to White’s appointment, Patrick Theriault will be taking over as head of captive management operations in Vermont, with combined responsibility for eastern US domiciles.
“I am excited by the opportunity to take on this new challenge. As a former regulator, I can see a growing gap in the level of regulations being applied in the area of corporate governance and the ability to satisfy them. With a more effective and turn-key approach to governance there is an opportunity to not only fully comply with the regulations but improve the oversight and governance of insurance organisations”, said White.
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Strategic Risk Solutions, Robert White, Appointment, North America