Captive Insurance Times, Issues 188 December 11, 2019

Mary McMorrow, head of Governance Services Europe at SRS Europe, discusses the firm’s specialised captive governance services offering.

Set against a backdrop of new, emerging risks and increasing regulatory scrutiny, it has become more important than ever
that companies adopt an approach that places governance at the heart of positive captive ownership. As the world’s leading independent captive consultant and manager, SRS has worked hard to respond to those demands by offering a tailored approach to governance risk and compliance (GRC) services that supports clients in implementing the robust governance framework now essential.

While headquartered in the US, Strategic Risk Solutions (SRS) expanded into Europe in 2017, establishing its European headquarters in Ireland (SRS Europe), followed by the acquisition of a regulated insurance management company in Malta.

As with their highly regarded US network, SRS Europe has deliberately focused on the provision of the highest standard of client services, both domestically and across Europe, recently announcing branch establishments in Ireland, Luxembourg, The Netherlands, Sweden and Switzerland.

As Mary McMorrow, SRS Europe’s head of governance explains: “We have set a conscious strategy to operate a lean and agile business model and become the premier level firm across Europe.”

McMorrow said that this strategy is differentiated by SRS’s captive management plus servicing approach, comprising three core service components:

• Delivering outstanding service in our core captive management services
• Helping our clients succeed through the provision of value added strategic and technical consulting services
• Providing depth of expertise through the hiring and retention of experienced staff

She explained: “We believe in consulting with clients to help them develop GRC best practices on an individual basis that will serve as a platform to build their companies and offer assurance to clients that they not only fully comply with the regulations, but effectively and efficiently improve the oversight and governance of their insurance organisations.”

“We understand the importance of good corporate governance but are also mindful of the challenges faced by clients in meeting their regulatory requirements.”

“In addition to the Solvency II regulations, captives must adhere to the corporate governance codes, laws and other regulatory requirements of their respective domiciles.”

As McMorrow continues: “While recognising the need for proportionality in their application to captives, these regulations as they apply to commercial insurers can act as a source of best practices to captives in their own corporate governance.”

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