SRS set to acquire Dyna Management Services
Strategic Risk Solutions (SRS) will acquire the operations of Dyna Management Services, an independently owned insurance management company headquartered in Bermuda.
The transaction, which is subject to regulatory approval, is expected to close by the end of September 2020. All of Dyna’s staff will remain with the firm, including Terence Power, its current chief executive and founder, who joins the board of SRS International.
Power established Dyna in 2011. It also has a wholly owned subsidiary in Cayman that provides insurance management services there. Like SRS, it has a strong client base among healthcare owned captives and financial services clients.
Power said the deal will allow Dyna to continue to serve its clients without public shareholder pressure or conflicts of interest, while also reinforcing the standing of the combined company as the leading independent manager in Bermuda, Cayman and globally.
“This is an ideal platform to build on what we have developed at Dyna”, he said.
Brady Young, chief executive and president of SRS, said the due diligence process had revealed the depth of the synergies between the two firms and a strong strategic and cultural fit.
“Like SRS, Dyna is independent and their clients and trading partners understand and value what that means in terms of our ability to focus on clients and being a great employer where the best people in the industry want to work,” he said.