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Strategic Risk Solutions (SRS) and Jireh Risk Advisors have launched a new Special Purpose Insurer (SPI), Strata ILS, licensed by the Bermuda Monetary Authority.
It is part of the company’s partnership in Bermuda, catering to the insurance-linked securities (ILS) sector.
Jireh CEO and founder Sal Tucci said: “SRS is an independent insurance management firm with considerable scale and a client-first model. This sets SRS apart from all other insurance managers and gives our ILS clients access to the best management services.
“The market has long been seeking a platform that provides high-quality execution and administrative service combined with deep market understanding of ILS from a business practitioner standpoint.
“Strata is the new service standard for the transformation market, and it represents just the first of many initiatives that will propel SRS to become the provider of choice across the entire ILS market.”
SRS is managing Strata ILS, utilised for ILS transformer transactions, and is designated solely for the use of SRS and Jireh clients.
SRS managing director Jonathan Reiss noted: “Sal is a proven leader and innovative strategist in the ILS sector who is already working with several of our clients in the ILS and broader commercial reinsurance sectors addressing strategy as well as operational efficiency.
“He brings considerable additional capability to our team, and we are thrilled to be partnering with Sal and the Jireh team.”
With 25 years of industry experience, SRS is an independent insurance company manager providing a range of consulting services.
Jireh Risk Advisors specialises in offering advisory and consulting services within the ILS and reinsurance sectors.
Its advisory services encompass reinsurance structuring and product/market development, while consulting services are tailored towards process management, automation and the deployment of fit-for-purpose technology solutions.