Both Strategic Risk Solutions and Dyna Management Services hold a similar wide-ranging client base among healthcare owned captives and financial services clients
Strategic Risk Solutions (SRS) has agreed to acquire Dyna Management Services, a Bermuda-based independently owned insurance management company, for an undisclosed amount.
Under the terms of the agreement, the transaction will not include any transition in Dyna employees, with all the staff continuing to work with the firm. The company’s founder and CEO Terence Power will join SRS International’s board.
Both SRS and Dyna possess a wide-ranging client base among healthcare owned captives and financial services clients. The transaction is expected to be completed by the end of September 2020, subject to the receipt of regulatory approval.
Dyna president and CEO Terence Power said: “Finding the right home for our clients and staff is important to me and I believe I have found it with SRS.
“Not only does it allow us to continue to serve our clients without public shareholder pressure or conflicts of interest, but it reinforces the standing of the combined company as the leading independent manager in Bermuda, Cayman and globally.”
KPMG Advisory served as corporate finance advisor to Dyna on the transaction
On the transaction, Bermuda-based KPMG Advisory served as corporate finance advisor to Dyna.
SRS CEO and president Brady Young said: “We have known Terry a long time and admired the business that he and his colleagues at Dyna have built.
“Like SRS, Dyna is independent and their clients and trading partners understand and value what that means in terms of our ability to focus on clients and being a great employer where the best people in the industry want to work.”
Established in 2011, Dyna is an independent insurance management and fund administration company. The Bermuda-based firm also provides insurance management services in the Cayman Islands, through its wholly-owned subsidiary.
SRS is an independent captive management company operating in the US, Barbados and Europe, in addition to its operations in Bermuda and the Cayman Islands.