Stonybrook Capital has announced the completion of a Senior Secured Credit Facility for DryStone Capital Corporation, which allows DryStone to further expand profitable specialty P&C programs with quality MGAs.
DryStone successfully raised a senior secured revolving line of credit provided by Oak Street Funding that was completed on August 17, 2023.
DryStone is a specialized re/insurance platform that insures specialty MGAs and applies its proprietary model to reduce losses in the commercial P&C market.
Stonybrook served as the exclusive financial advisor to DryStone on the transaction, which builds on Stonybrook’s expertise in the specialty MGA programs market.
The firm’s role in the transaction included structuring, creating marketing materials, targeting marketing efforts to achieve the best terms for the company, oversight of the due diligence process, and assisting with the negotiation of terms and execution.
John Henry, Founder, CEO and Chairman of DryStone, said, “Stonybrook was a pleasure to work with in connecting us to quality credit providers and helping us choose the right fit, Oak Street.”
Rick Dennen, Founder and CEO of Oak Street Funding, a First Financial Bank company that provides customized financial solutions for businesses, added, “Oak Street Funding has worked diligently with DryStone to tailor this deal structure. One of our key differentiators is customizing capital solutions for our clients, and Oak Street Funding is proud to have supported DryStone as they continue to expand their unique offerings to MGAs.”
Formed in 2000, DryStone has built a management team of experienced reinsurance and legal professionals. The company entered the reinsurance run-off sector in 2011 and then transitioned to the MGA sector in 2018.
