Mary McMorrow To Head SRS Europe's New Governance Practice

Mary McMorrow has joined Strategic Risk Solutions Europe (SRS Europe) to head the firm's new governance practice in developing and delivering governance services to European captive insurers as well as commercial insurance companies.

Ms. McMorrow came to SRS Europe from Marsh Captive Management in Dublin where she developed and delivered standardized governance reporting for Marsh's captive clients in Europe. Prior to that, she headed compliance at an Irish subsidiary of a large French multinational financial services firm. As a chartered accountant before working with captives, she held a senior role at a big four audit firm in Luxembourg.

She will work closely with SRS Group Governance Practice leader Derick White, a former regulator with the Vermont Department of Financial Regulation. SRS launched its Governance, Risk and Compliance practice in the United States in January. 

"With a number of annual reporting cycles under the Solvency II regime complete, it is becoming more apparent that the industry needs to address what is an unproportionate approach to captive governance," said Stuart King, president and CEO of SRS Europe.

"We are seeing a great demand for governance services from European captive owners frustrated with the current onerous governance requirements of Solvency II and the one size fits all approach from larger management firms.

"There is a danger that regulation can leave captive board members focusing too much time and resources on compliance and not enough on looking at opportunities for their captives to support their Group's overall risk finance strategy," added Mr. King.

Mr. King further added, "During 2019 SRS Europe is planning to support captive owners and industry representative bodies navigate EIOPA to seek a more proportionate and consistent approach to captive governance across Europe."

"Captive owners in Europe are looking for increased guidance and support in optimizing their governance arrangements. With the implementation of Solvency II behind us, now is the time for captive owners to stand back and assess their governance arrangements to ensure they are fit for purpose," said Ms. McMorrow.