Jireh and SRS partner on ILS servicing and risk transformation, launch Strata ILS Ltd.

Insurance-linked securities (ILS) focused solution provider Jireh Risk Advisors Ltd. has announced a partnership with independent insurance manager Strategic Risk Solutions (SRS) in Bermuda, that will see the pair delivering ILS related services, including risk transformation through a newly launched SPI, Strata ILS Ltd.

Well-known Bermuda-based insurance-linked securities (ILS) market executive Sal Tucci launched Jireh two years ago, with an offering of ILS risk transformation, fronting and advisory services.

Tucci had always envisaged adding insurance management to the services his firm provided, but now teaming up with SRS means the two companies can leverage the expertise of the other, to deliver a full-service offering to the ILS market.

As part of the strategic partnership announced today, the firms have jointly launched Strata ILS Ltd., which has been registered as an unrestricted Special Purpose Insurer (SPI) and is licensed by the Bermuda Monetary Authority (BMA).

Strata ILS will be managed by SRS and used for ILS transformer transactions, available exclusively to Jireh and SRS clients, the companies explained.

Sal Tucci, founder and CEO of Jireh, commented on the partnership, “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.”

On the launch of ILS transformer Strata, 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, added, “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.”

As well as its ILS transaction advisory and servicing offering, Jireh has also created technology to assist in deal placements.

The company developed Jireh Connect to be a technology platform that helps brokers place risk more efficiently with reinsurance and risk capital providers, managing the end to end deal process.