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16 October 2024news

Stonybrook helps ASIC with $20m offering

Stonybrook Capital & Risk Management has announced that Dallas-based AM Specialty (ASIC), a specialty insurance carrier, has secured a $20,000,000 senior secured loan facility through a private placement with Veritex Community Bank. Proceeds from the Offering will be used to bolster surplus and drive future growth.

Stonybrook served as the Company’s Exclusive Financial Advisor in connection with the debt issuance.

Shevawn Barder, chief executive of ASIC, commented: “We are thrilled to have secured this capital partnership with Veritex Bank, which will help us to strengthen our financial position and fuel our future growth. This transaction, expertly advised by Stonybrook, is a key step in our long-term strategy to expand our capabilities and better serve our partners and clients in the specialty insurance market.”

Joe Scheerer, chief executive of Stonybrook, said: “We could not be any more pleased to have served as ASIC’s advisor on this very important transaction. ASIC is a fantastic company and is growing rapidly. Stonybrook is proud to be their advisor on this and many more to come.”

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