Two Bermudian-based organisations have teamed up to serve the insurance-linked securities sector.

Jireh Risk Advisers Ltd and Strategic Risk Solutions said that as part of their strategic partnership, the firms have jointly launched Strata ILS Ltd, an unrestricted special-purpose insurer licensed by the Bermuda Monetary Authority.

Strata, managed by SRS, is used for ILS transformer transactions. It is available for the exclusive use of Jireh and SRS clients.

Sal Tucci, founder and chief executive of Jireh, said: “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.”

With respect to Strata, Mr Tucci noted: “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.”