Stonybrook assists Gramercy in capital raise

Stonybrook Capital has announced that it has been retained by Gramercy Risk Management on its $100,000,000 capital raise. Gramercy will use the new capital to secure its carrier’s A- AM Best rating and roll out new specialty programmes.

Founded in 2014 and based in Uniondale, New York, Gramercy is a best-in-class insurance platform, focused on the niche and underserved specialty market. The Company was formed by William and Matthew Fishlinger in 2014, subsequent to their sale of The Wright Insurance Group to Brown & Brown for $607m.

Gramercy has a large book of specialty NY Contractors business written on third-party paper. By raising $80m of equity and $20m of rating agency friendly hybrid capital, Gramercy intends to complete the final phase of its initial business plan, and position it’s carrier as an NAIC Size VIII primary insurer.

“I could not be any more excited to work with Gramercy on this important capital raise” said Joseph Scheerer, principal & chief executive of Stonybrook Capital. “We have a strong relationship with the Company, having raised them capital back in 2017 to acquire the shell that today is Gramercy Indemnity Company. We are experts in the programs sector and Gramercy is one of the most impressive platforms in the market.”