Massachusetts
01 February 2018
Reporter: Becky Butcher

SRS launches GRC practice


Strategic Risk Solutions (SRS) has launched a new governance, risk and compliance (GRC) practice.

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".

More news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Funds approved for ‘crumbling foundations’ captive
21 February 2018 | Connecticut | Reporter: Ned Holmes
The Connecticut State Bond Commission has approved $350,000 to set up a non-profit captive insurer, which is a state government solution for an issue impacting a reported 5000 homes in the state
Crawford launches workers compensation service
20 February 2018 | Atlanta | Reporter: Ned Holmes
Crawford & Company has expanded its service portfolio in Australia to include workers’ compensation.
Kansas to alter captive laws
20 February 2018 | Kansas | Reporter: Ned Holmes
The Kansas state government has submitted a bill to update and modernise captive insurance laws in the state
ZIC and Zale Life ratings downgraded
19 February 2018 | New Jersey | Reporter: Ned Holmes
A.M. Best has downgraded the financial strength rating of Zale Indemnity Company (ZIC) and its wholly-owned subsidiary, Zale Life
Tax shelter micro captives bubble set to burst, says Adkisson
16 February 2018 | Las Vegas | Reporter: Ned Holmes
The tax shelter micro captive bubble is set to burst in 2018, resulting in large numbers of such companies to surrender their licenses, as many did last year, predicts Jay Adkisson, partner at Riser Adkisson
Leadership shuffle at Captive Resources
15 February 2018 | Illinois | Reporter: Ned Holmes
Group captive insurance consultant Captive Resources has appointed former Zurich North America CEO Mike Foley to its board of directors
Vermont proposes branch captive legislation updates
14 February 2018 | Montpelier | Reporter: Becky Butcher
Vermont has proposed to update its branch captive legislation to require branch captives to designate the state’s commissioner of the Department of Financial Regulation as its agent for service of process