Strategic Risk Solutions, the independent insurance company managers with an operation in Bermuda, has acquired Southern Cross, an insurance management services provider based in South Africa.

Terry Petyt, the founder and CEO of Southern Cross, joins SRS as managing director and leader of SRS South Africa.

Brady Young, SRS president and CEO, said: “This acquisition enhances our substantial team in South Africa and is aligned with our continued global expansion.

“Twenty years ago, when we first became an independent company, we had a largely US focused business, however our clients increasingly operate across borders, and we now have people based in many other jurisdictions including in Africa, Europe, South America, and various leading offshore financial centres.

“With respect to Southern Cross, the icing on the cake is that I welcome Terry Petyt into our executive leadership team.

“Terry is a proven leader who has been serving captive insurance clients for more than 14 years. He has worked in collaboration with SRS since 2014 and is a fantastic addition to our leadership team.”