Stonybrook Capital and Stonybrook Risk Management, a specialist strategic advisory and reinsurance intermediary, have successfully placed and launched a new Excess Hired and Non-Owned Auto (HNOA) insurance program.
With PT Edwards as the managing general agent (MGA), the program is underpinned by robust reinsurance support from Florida Insurance and Reinsurance Co (Florida Re), a subsidiary of MNK Group that focuses on domestic commercial property and international assumed reinsurance.
This partnership leverages PT Edward’s technical expertise alongside the financial strength of Florida Re, which was recently rated “A-” (Excellent) carrier by AM Best.
Alvaro Ortiz, President of Florida Insurance and Reinsurance Co, said: “Florida Re is pleased to provide the reinsurance capacity for this Excess HNOA initiative. Our ‘A-’ rating from AM Best reflects our financial strength and strategic commitment to supporting high-quality, niche commercial programs.
“Collaborating with Stonybrook and Hartwell allows us to deploy our capital into a well-managed program that prioritizes underwriting excellence.”
The policies for this critical liability solution will be issued on the paper of Hartwell Insurance, completing the structure of the newly launched program.
The partners emphasized that the program is built on a foundation of disciplined underwriting and long term sustainability.
Paul Dzielinski, Managing Director and Partner at Stonybrook Risk Management, commented: “We are thrilled to have facilitated this partnership between Hartwell, PT Edwards, and Florida Re.
“This program addresses a significant need in the excess auto space by combining a highly disciplined underwriting approach with a secure, stable capital structure. Our goal at Stonybrook is to build sustainable programs that provide long-term value for all stakeholders, and this launch is a prime example of that mission in action.”
Nicolas Prezioso, President of PT Edwards, noted that the specialised nature of the program is its greatest strength.
“This new Excess HNOA program allows us to bring our highly experienced team to the forefront, offering a much-needed solution for clients requiring sophisticated excess liability coverage. Working alongside the professionals at Stonybrook, Hartwell, and Florida Re ensures that we are delivering a product that is as reliable as it is innovative,” Prezioso stated.
For Hartwell Insurance, the partnership represents a commitment to high-tier service. President Roland Horton expressed confidence in the program’s growth, citing the “expert guidance of the Stonybrook team” as a key factor in its future evolution.
