Strategic Risk Solutions buys Barbados cell company
SRS, the world’s largest independent insurance company manager, has bought Barbados-registered segregated cell company Global Re SCC. Established in 2004 with a Class 1 license, the company engages in general insurance business and long-term insurance, including ordinary life insurance.
It will join other cell facilities offered by SRS in Bermuda, Cayman, Guernsey, North Carolina, and Vermont. SRS Barbados managing director Kirk Cyrus will oversee its integration into the SRS operations.
He said: “Our acquisition of Global Re SCC represents the addition of yet another solution for SRS’s rent-a-captive clients as well as for capital market investors looking to participate in re/insurance programs.
“The hardening commercial market has stimulated an interest in alternative risk solutions, and this deal furthers our Barbados and groupwide objective of providing every available tool to our clients to have a strong negotiating position within the market.”