SRS buys group captive administrator

Strategic Risk Solutions Inc. said Thursday it has acquired Garnet Captive Insurance Services LLC, a Philadelphia-based group captive administrator.

Garnet, with about 13 employees, was founded in 2002 and specializes in group captive programs for mid-sized employers.

“There has been significant growth in the use of group captives, given their ability to help businesses in the middle market to reduce and stabilize the cost of their property and casualty risk,” SRS CEO Brady Young said in a statement.