Captive manager Strategic Risk Solutions (SRS) has appointed Richard Daley, the current president of competing firm JLT Insurance Management (Bermuda), as managing director in SRS' Bermuda office, effective August 1.
Daley is leaving JLT Insurance Management (Bermuda) at a time where the business is integrating with Marsh Captive Solutions, following the Marsh-JLT deal completing at the end of March. He has been with JLT IM (Bermuda) for 13 years, and led the firm for the last four as president.
"I am proud of the captive management business we built at JLT and it is difficult to walk away from that,'' said Daley. "SRS represents a new chapter in my career and an opportunity to work for an independent captive manager focused on delivering top quality captive management services to its clients."
At SRS, Daley will work alongside managing directors David Sykes and Andrew Hupman. He will also join the board of SRS International which includes SRS's activities in Bermuda, the Cayman Islands and Barbados.
Brady Young, president and CEO of SRS, commented: "Richard is a leading figure in the Bermuda captive insurance industry and we are excited to have him join us. We believe there are opportunities to continue to expand our business in Bermuda and provide a viable high-quality option to the broker-owned managers. Richard will help us take our business to the next level, both in terms of strengthening our local presence and the breadth of the services we provide to our captive clients."
Sykes added: "Andrew and I have tremendous respect for the work that Richard has done at JLT and for the Bermuda captive industry in general. He was always a strong adversary as a competitor and we look forward to working with Richard to continue to build our Bermuda business."
Strategic Risk Solutions, JLT Insurance Management, Appointment, Richard Daley, Bermuda