SRS acquired by NBIS, becomes TurnKey Specialty Insurance Services
24 April 2008
Leading insurance provider to the lifting and specialized transport industry, Special Risk Services Group, LLC (SRS), has been acquired by Nations Builders Insurance Service (NBIS). SRS is preferred provider of customized liability, equipment and cargo insurance to members of the Specialized Carriers & Rigging Association. The name has been changed to TurnKey Specialty Insurance Services.
With a network of more than 200 agents and brokers across the US, SRS, now Turnkey, provides industry-specific coverage through a group of association divisions. NBIS, the underwriting manager for ProBuilders Specialty Insurance Company, RRG, provides insurance for the contracting sector.
Kevin Cunningham will stay on as president and chief executive officer and also takes the title of senior vice president, NBIS. “Aligning with NBIS gives SRS the ability to deliver a broader array of services to our clients, to meet their ever-changing insurance and risk mitigation needs,” Cunningham said. “Our goals are to strengthen our leadership position in the crane & rigging and specialized transport insurance marketplace, and to assist NBIS in the continued achievement of its dynamic growth objectives.”
“Kevin Cunningham and his staff will continue to operate in Chicago, with the effect of the merger (exclusive of a name change) being transparent to our [SC&RA] members,” explained Joel Dandrea, SC&RA executive vice president.
Dandrea continued to explain that that the merger will offer benefits to the SC&RA program, including: giving more time for market development and investment into the risk management and educational components of the program; NBIS has significant resources and provides a greater umbrella over the SC&RA program; and NBIS is willing to take financial risks and is committed to long-term investment in the SC&RA program and is requesting that SC&RA extend the sponsorship agreement to 2010.