The GRC will provide insurance companies, including captives, with qualified independent directors, corporate government consulting and regulatory compliance.
Services will range from supplying independent outside directors to providing a full range of governance services to comply with regulations such as Solvency II, risk retention group governance standards and insurance codes of conduct.
Derick White, who has over 25 years of insurance in the captive industry, will lead the practice, with Patrick Theriault taking over from White as head of captive management operations in Vermont.
White stated: “I am excited by the opportunity to take on this new challenge. As a former regulator, I can see a growing gap in the level of regulations being applied in the area of corporate governance and the ability to satisfy them.”
He added: “With a more effective and turn-key approach to governance there is an opportunity to not only fully comply with the regulations but improve the oversight and governance of insurance organisations.”
Brady Young, president and CEO of SRS, commented: "Creating a separate practice group allows SRS to bring a comprehensive but flexible approach to corporate governance whether an insurer is looking purely to comply with regulations or for best practices".