Strategic Risk Solutions (SRS) has assumed the management of Old Main Assurance, the Bermuda-based captive of Texas energy company Marathon Oil, from Marsh Management Services (Bermuda).
This new client marks SRS' 500th captive management client - including both captives and cell companies.
Old Main selected SRS in April 2019, and will be moving over from Marsh in the coming months.
"500 captive management clients represents a significant milestone for the firm," said Brady Young, CEO and founder of SRS. "It is validation of the need for a strong independent captive manager in the market delivering consistently high-quality management services and objective consulting advice. That was the vision we set for the firm 17 years ago with the management buyout but to be honest I never imagined we would grow to have 500 client programs under management!"
Young continued by suggesting this deal reflects increased interest and activity from Fortune 500 companies and other large organisations needing an alternative to the large broker-owned managers.
He suggested the account was won through the teamwork of its SRS West captive management team who manage Marathon Oil's Texas domiciled captive, St James Assurance, LLC (St James) and its Bermuda captive management team.
Libby Henry, insurance operations supervisor at Marathon Oil, added: "We initially chose SRS to manage St James in Texas because of the local servicing SRS could provide in the state. That relationship has worked well and we have been pleased with the quality of the services SRS has provided. It was a natural step to consider SRS for the management of Old Main. We were impressed by the team in Bermuda and are looking forward to expanding the relationship."
Strategic Risk Solutions, Marsh, Old Main Assurance, Bermuda