New York-based insurance programmes management platform Gramercy Risk Holdings has completed an equity capital raise to fund the acquisition and capitalization of a shell insurance company to pair with its existing management company, Gramercy Risk Management.
Bill Fishlinger, Chairman & Chief Executive Officer (CEO) of Gramercy, said; “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.”
Matt Fishlinger, Executive Vice President & Chief Operating Officer of Gramercy, said the platform is now well positioned to launch its first programme and plans to focus on New York Contractors in early 2018 as well as offer services to other specialty niche markets.
Formed as a blue-chip management platform, Gramercy provides managed services to insurance companies of all types, operating under the same philosophies for risk management adopted by Bill Fishlinger when he formed Wright in 1978.
Ravi Arps, Director of Stonybrook Capital, which served as the exclusive financial advisor to Grammercy Risk Holdings, said; “we are extremely proud to have helped complete this transaction and moreover, to be associated with a management team of this caliber.”
Joe Scheerer, Principal and Managing Director of Stonybrook Capital, added; “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.
“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.”
Gramercy was founded in 2014 by Bill and Matt Fishlinger following the sale of the Wright Insurance Group to Brown & Brown – it now plans to leverage its 30 years’ experience from Wright together with its risk financing model to serve insurers.
