Jireh and SRS launch Strata ILS for transformer transactions

By Michael Loney

Jan 28 - (The Insurer) - Jireh Risk Advisors and Strategic Risk Solutions (SRS) have jointly launched Strata ILS Ltd, an unrestricted special purpose insurer (SPI) licensed by the Bermuda Monetary Authority.

Strata ILS is managed by independent insurance company manager SRS and will be used for ILS transformer transactions. It is available for the exclusive use of Jireh and SRS clients.

“SRS is an independent insurance management firm with considerable scale and a client-first model,” said Sal Tucci, founder and CEO of Jireh. “This sets SRS apart from all other insurance managers and gives our ILS clients access to the best management services.”

Tucci suggested that Strata is “the new service standard for the transformation market”, adding that it represents the first of “many initiatives that will propel SRS to become the provider of choice across the entire ILS market”.

Former Aspen executive Tucci established Jireh in 2023.

“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,” said Jonathan Reiss, managing director of SRS.

Reiss added: “He brings considerable additional capability to our team.”

Jireh announced in January last year that its then newly-launched launched digital broking platform Jireh Connect had facilitated its first industry loss warranty (ILW) placement.

The Insurer reported earlier this week that new Bermuda-based reinsurance venture Radix ILS has been launched by Hanni Ali, who was most recently group head of ILS and sustainability at Hamilton.