Stonybrook Capital has announced its role as exclusive strategic and financial advisor to Anchor Insurance Holdings (AIH) on their sale of Anchor Specialty Insurance Company to Weston.
A purchase price was not originally disclosed and, according to reports filed with regulators last year, Anchor had 43,209 policies in force representing approximately $69 million in annualised premium.
AIH was the holding company for both Anchor Specialty and Anchor Property and Casualty Insurance Company (APCIC).
Anchor Specialty was AIH’s Texas and Louisiana homeowners’ platform, while APCIC previously sold homeowners insurance in the state of Florida.
In 2014, AIH purchased Ranchers and Farmers Insurance Co., which was subsequently transformed into Anchor Specialty.
“The property catastrophe insurance market is an important focus of our Firm and it is rewarding to see our expertise in the sector find a solution to a complex situation,” said Thomas Deane, Partner of Stonybrook Capital.
Deane continued, “this transaction further demonstrates our ability to optimize solutions for all constituents across the property catastrophe insurance space.”
Stonybrook Capital served as the exclusive financial advisor to Anchor Insurance Holdings, Inc. on this transaction.
“Anchor is very pleased to complete the transaction with Stonybrook’s assistance,” said Daniel Bowman, Director of Anchor Insurance Holdings, Inc.