Strategic Risk Solutions (SRS) has launched governance, risk and compliance (GRC) practice, which will provide qualified independent directors, corporate governance consulting and regulatory compliance to insurers including captive insurance companies.
Derick White, who has a strong regulatory background and many years of experience with all types of captives, has been appointed to lead the practice. He will be supported by several other SRS staff, and outside firms/consultants, that also have relevant knowledge and experience.
SRS president and CEO Brady Young said: “There is an increasingly amount of corporate governance legislation affecting the insurance industry, with a trickle down impact on captive insurers. Some of these services can be satisfied within our standard captive management services, but many go well beyond the scope of captive management and may not be best provided by the same firm that is managing the captive.
“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."
The GRC practice will provide expanded corporate governance and compliance services to captives, whether managed by SRS or not, and other insurance organizations. Services will range from providing independent outside directors to providing a full range of governance services to comply with regulations such as Solvency II, RRG governance standards and insurance codes of conduct.
Derick White said: “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. 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 organizations."
With Derick White’s appointment to head the GRC practice, Patrick Theriault will be taking over as head of captive management operations in Vermont, with combined responsibility for eastern US domiciles.