Concord, MA - March 10, 2016
- Strategic Risk Solutions (SRS) and Coverys today jointly announced that Coverys made a strategic acquisition of a minority interest in SRS. As part of the agreement, Coverys will have a representative welcomed to the SRS board. Coverys will have no day-to-day operational involvement in SRS.
SRS is ranked as the fourth-largest captive insurance manager in the Business Insurance annual survey. Since 2002, SRS has been owned by its senior management team and is the largest of the few independently owned firms among the leading captive managers. The addition of Coverys as a strategic shareholder provides SRS with an opportunity to expand its growing client base while adhering to the independent captive management model.
“Remaining independent is paramount to our business for both staff and clients alike,” said Brady Young, President and CEO of SRS. “Coverys’ investment provides us with not only an effective option to perpetuate our independence but a tremendous opportunity to build on what we have developed. Like SRS, Coverys has a long-term perspective and is very focused on building strong relationships with its clients.”
In addition to being a leading provider of medical professional liability insurance, Coverys has been expanding its risk management and alternative risk services. “We are excited to have an ownership stake in SRS which we view as the premier captive management firm,” said Gregg Hanson, Coverys CEO and President. “Our investment will ensure continued access to SRS’ expertise for Coverys clients interested in using captive insurance options as part of their overall risk financing strategy.”
Michael Maglaras & Company is attributed to the introduction of SRS and Coverys leading to the successful investment agreement.
About Coverys coverys.com
Coverys is a leading provider of medical professional liability insurance for physicians, hospitals, dentists, podiatrists and advanced practice providers. It has consistently been recognized for its superior financial performance by inclusion in the Ward’s 50 for the past six years. Coverys emphasizes proactive risk mitigation and patient safety programs that help clients anticipate, identify and manage risk to reduce errors and improve outcomes.
About Strategic Risk Solutions (SRS) www.strategicrisks.com
SRS is a leading independent captive management firm with representation in all major onshore and offshore domiciles. It provides financial reporting, regulatory compliance and program management services to existing and prospective captive insurance companies.
For more information, please contact Strategic Risk Solutions at 781-487-9800 or firstname.lastname@example.org.