NEW YORK, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Gramercy Risk Holdings, a New York-based insurance programs management platform has raised an undisclosed amount of equity capital. Proceeds will fund Gramercy’s acquisition and capitalization of a shell insurance company to pair with its existing management company, Gramercy Risk Management.
Gramercy was founded in 2014 by Bill and Matt Fishlinger following the sale of the Wright Insurance Group (“Wright”) to Brown & Brown. Formed as a highly sophisticated, blue-chip management platform, Gramercy provides managed services to insurance companies of all types, operating under the same philosophies regarding management of risk that Bill Fishlinger adopted when he formed Wright in 1978. Gramercy and its executive team will leverage the 30 years of experience from Wright along with its successful risk financing model to effectively serve its client base. “Gramercy is now well positioned to launch its first program, focusing on New York Contractors, in early 2018 and offer our services to other specialty, niche markets,” said Matt Fishlinger, EVP & Chief Operating Officer of Gramercy.
Stonybrook Capital served as the exclusive financial advisor to Grammercy Risk Holdings.
“We are extremely proud to have helped complete this transaction and moreover, to be associated with a management team of this caliber,” said Ravi Arps, Director at Stonybrook Capital.
Bill Fishlinger, Chairman & CEO of Gramercy, stated, “We are excited to announce our successful capital raise, which will allow us to provide insurance programs to customers in markets that have traditionally been underserved.”
“Throughout 2017 Stonybrook has been building a first-class capital markets practice, which has been reflected by our continual success in helping our clients find capital solutions that fit their specific needs,” said Joe Scheerer, Principal and Managing Director of Stonybrook Capital. “We are enthusiastic to approach the new year as we continue to enhance our abilities in the debt and equity markets and our ability to develop tailor-made solutions for our clients,” Scheerer added.
About Stonybrook Capital
Stonybrook Capital is a merchant and investment-banking firm located in New York City that focuses exclusively on the insurance and reinsurance industry. The Company’s shareholders include its employees, a renowned individual from the reinsurance industry, and the privately held independent reinsurance brokerage firm, HOLBORN Corporation. Established in 1920, Holborn offerings include advanced analytic tools, global market access, and responsive reinsurance services.