New York, NY — Stonybrook Capital, an affiliate of FINRA-member Weild & Co., earlier this year was named advisor to Main Street America in connection with its intent to sell subsidiary company, Great Lakes Casualty Insurance Company (“GLC”). GLC is domiciled in Michigan and has been in runoff since 2015. The sale of GLC was completed on October 31, 2017 to a subsidiary of Enstar Group Limited (“Enstar”).
“Stonybrook did an excellent job identifying several potential buyers for GLC, and ultimately helping us select one who could complete our transaction effectively in a timely manner,” said Main Street America CFO, Ed Kuhl.
Based in Jacksonville, FL, the Main Street America Group has an “A” rating from AM Best and writes more than $1.1 billion in premium in 37 states.
Enstar is a market leader in completing legacy acquisitions, having acquired over 75 companies and portfolios since its formation in 2001.
“We are appreciative to have been chosen for this assignment by Main Street America,” said Joe Scheerer, Principal and Managing Director of Stonybrook Capital. “Working with mutual insurance companies is a major focus of our firm, as is manifested by the fact that Stonybrook Capital is the only member of the NAMIC organization. We are excited to announce another success in this very important sector for our firm,” Scheerer added.
About Stonybrook Capital
Stonybrook Capital is a merchant and investment-banking firm located in New York City that focuses exclusively on the insurance and reinsurance industry. The Company’s shareholders include its employees, a renowned individual from the reinsurance industry, and the fifth largest reinsurance intermediary in the country named HOLBORN Corporation, which was founded in 1920 and prides itself in its independence, exceptional client service, and highbrow tiffany client base – many of the same values on which Stonybrook Capital prides itself.
Securities transactions are executed through Weild & Co., member FINRA | SIPC.
Joseph Scheerer, Principal & Managing Director
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