2 August 2022Reinsurance

SRS buys Southern Cross

Strategic Risk Solutions (SRS) has acquired Southern Cross, an insurance management services provider based in South Africa.

As a result of the deal Terry Petyt, the founder and chief executive of Southern Cross, joins SRS as managing director and leader of SRS South Africa.

“This acquisition enhances our substantial team in South Africa and is aligned with our continued global expansion. Twenty years ago, when we first became an independent company, we had a largely US focused business, however our clients increasingly operate across borders, and we now have people based in many other jurisdictions including in Africa, Europe, South America, and various leading offshore financial centres,” said Brady Young, SRS president and chief executive.

“With respect to Southern Cross, the icing on the cake is that I welcome Terry Petyt into our executive leadership team. Terry is a proven leader who has been serving captive insurance clients for more than 14 years. He has worked in collaboration with SRS since 2014 and is a fantastic addition to our leadership team.”

With Southern Cross since 2013, Petyt was responsible for the delivery of service solutions to a diverse portfolio of insurance captive, trust officer, and financial services industry clients. He began his career with KPMG in 2002 and then later was part of Aon Insurance Managers (Cayman), leading a team in servicing many insurance captives.