Special Risk Insurance Managers leverages decades of expertise and a strong Lloyd’s of London partnership to solve complex coverage challenges across a remarkably diverse range of industries.
Finding insurance for unconventional or high-hazard risks can be a frustrating experience for retail brokers and their clients. When mainstream carriers decline coverage, the search for a willing market often leads to specialty providers, but even among managing general agencies, few possess the breadth and depth to handle truly diverse exposures.
For risks that fall outside the appetite of standard markets, Special Risk Insurance Managers (SRIM) has built a reputation as a solutions provider capable of addressing an unusually wide spectrum of coverage needs across Canada. From aircraft and commercial drones to equine risks and adventure sports, SRIM operates in corners of the insurance market many standard carriers avoid.
A specialty portfolio built over decades
The scope of industries SRIM serves is extensive. The company’s programs encompass sports and leisure, vacant properties, high-hazard property risks, commercial mercantile accounts, equine, aviation, inland marine, trucking and marine pleasure craft.
“We have a reputation for longevity. We don’t pull in and out of categories. We make adjustments to pricing and terms and conditions as needed, but we have a stability and longevity play that others can’t simply compete with.”
Within these broad categories, the specificity becomes even more impressive. The sports, leisure and entertainment division alone handles fitness training, yoga, dance instruction and martial arts; adventure sports like rafting, kayaking, climbing, hiking and trail rides; and even dog sled tours. The program also covers paintball, archery, virtual reality (VR) arcades, golf courses, resorts, community halls, arenas and ice rinks.
The commercial property program demonstrates similar versatility, ranging from small pieces of coverage on larger risks to vacant dwellings, retail shops, large resorts with multiple properties spread across extensive acreage, and golf courses requiring specialized coverages for greens, groundskeeping, underground services and irrigation systems.
On the aviation side, SRIM offers capabilities that few Canadian MGAs can match, including coverage for helicopters (rotor wing), small planes (fixed wing) and commercial drones. The equine program provides animal mortality coverage for everything from horses in private pleasure environments to high-value show horses, along with liability coverage for shows and exhibitions. A marine program rounds out the portfolio, covering private pleasure craft from small boats and jet skis to larger yachts.
Deep expertise in key specialty segments
For brokers navigating difficult-to-place risks, that breadth matters. But according to SRIM CEO Tom Willie, the company’s differentiator isn’t simply the range of industries it serves, it’s the depth of expertise behind them.
“That’s the secret sauce in our environment: lots of very, very experienced and talented folks that have niche experience in specialized areas,” Willie said. “I would say that’s our specialty. We’re very diverse, but also very focused.”
The aviation program exemplifies this dynamic. The underwriter leading that segment has nearly 40 years of experience in the coverage area, expertise that proves invaluable in a highly technical field where few specialists exist in the Canadian market.
The inland marine and trucking program represents another area of particular strength. Originally acquired from a group that had been operating since the 1980s, the program includes logging business, motor truck cargo and physical damage coverage for trucks and trailers. The underwriters in this segment possess a combined total exceeding 100 years of experience.
“We have a reputation for longevity,” Willie said. “We don’t pull in and out of categories. We make adjustments to pricing and terms and conditions as needed, but we have a stability and longevity play that others can’t simply compete with.”
The sports and leisure segment has experienced renewed growth following the COVID-19 pandemic, which significantly disrupted the market. Fitness centers are now operating at capacity, classes have waiting lists and activity levels have surpassed pre-pandemic benchmarks.
SRIM maintains competitive advantages in this space through specialized coverages that others struggle to replicate, including abuse coverage, participant accident and participant injury extensions. The company can also accommodate high limits, reaching $10 million, $20 million or even $50 million with excess layers that certain municipal facilities and venues require.
Lloyd’s partnership and the value of communication
Underpinning SRIM’s ability to serve such diverse markets is a long-standing relationship with Lloyd’s of London. Approximately 80% of the company’s business flows through various Lloyd’s syndicates, with SRIM holding individualized underwriting authorities across specialized segments including property and casualty, trucking, errors and omissions (E&O), directors and officers (D&O) and aviation.
In Canada, Lloyd’s operates as a licensed admitted market and stands as the largest commercial insurer in the country, a different dynamic than in other international markets where Lloyd’s plays a smaller role. This positioning makes Lloyd’s particularly well-suited for specialty business.
Maintaining these long-standing carrier relationships requires consistent communication and market discipline, particularly in segments where pricing and underwriting conditions can shift quickly.
“Open dialogue with carrier partners is essential,” Willie said. “We make sure our carrier partners are informed on how market changes are affecting pricing, terms and conditions or extensions that need to be considered.”
The SRIM team travels to London several times annually for in-person meetings with Lloyd’s. These sessions focus on market conditions, pricing trajectories, expectations for the coming months and projections for the following year.
This level of engagement distinguishes SRIM within the Canadian MGA landscape. Of the approximately 100 to 150 MGAs operating in Canada, fewer than half maintain Lloyd’s relationships, and the depth of those partnerships varies considerably. Smaller or newer MGAs often struggle to obtain the underwriting authority that more established players like SRIM have earned through decades of partnership in London.
Solving risks outside the standard market
Over the years, SRIM has handled an unusually wide range of exposures — from specialized aviation and marine risks to unconventional commercial operations that fall well outside the standard underwriting models.
“Anything unique tends to find its way to us,” Willie said.
Looking ahead, SRIM remains committed to its role as a problem-solver for brokers facing difficult-to-place risks. Whether the challenge involves insuring commercial drones, high-value show horses, gold bullion in storage or decommissioned warships repurposed as breakwaters, the company approaches each opportunity with an open mind.
For Willie, specialty underwriting ultimately comes down to understanding the business behind the exposure. “We try to dissect the risk and really understand it,” he said. “Can we actually solve this for a customer that’s trying to run a legitimate, viable business?”
That mindset continues to shape SRIM’s approach as brokers increasingly look for solutions outside the standard market.
This material has been prepared for general informational purposes only, is intended to apply generally rather than to any specific company and presumes appropriate discretion will be exercised regarding any particular situation.
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