
SRS and Jireh establish Bermuda SPI Strata ILS
Strategic Risk Solutions (SRS) has teamed up with Bermuda-based Jireh to establish an unrestricted special purpose insurer (SPI) tailored for the regional insurance-linked securities (ILS) market.
In collaboration with reinsurance ILS provider Jireh Risk Advisors, SRS has launched Strata ILS, an unrestricted SPI licensed by the Bermuda Monetary Authority.
Strata managed by SRS will be used for ILS transformer transactions. It is available for the exclusive use of Jireh and SRS clients, the companies said.
Sal Tucci, founder and CEO of Jireh, 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.”
Tucci added: “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.”
Jonathan Reiss, managing director of SRS, commented: “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’re thrilled to be partnering with Sal and the Jireh team.”
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