NEW YORK, NY – Stonybrook Capital was the exclusive advisor to Bondex Insurance Group in their divestiture of Boston Indemnity Company (BIC), which recently consummated a partnership with Houston International Insurance Group (HIIG).
BIC, based in Boston, Massachusetts, writes contract and general surety bonds. BIC commenced underwriting in 2012.
HIIG is a prominent specialty insurer based in Houston, Texas. This transaction will allow HIIG to expand their HIIG Surety division operations through Boston Indemnity’s distribution force.
“We are excited to partner with a best-in-class specialty lines insurer such as Houston International Insurance Group, as this will allow us to strengthen our position in the industry,” said Matthew Semeraro, recent President, COO & Director of Boston Indemnity Company, who has joined the Houston International executive team. “We appreciate Stonybrook’s expertise and help in completing this transaction.”
“With this being our fifth M&A assignment in the past 24 months, we are pleased with our ability to help companies find creative structures to strategic growth,” said Joseph Scheerer, Stonybrook Capital’s Principal and CEO. “We look forward to continuing to demonstrate our capabilities in this space over the coming months.”
“We are appreciative to have been chosen for this assignment by Bondex Insurance Group and are pleased we could marry BIC with such a prestigious and well-suited partner,” said Ravi Arps, Managing Director at Stonybrook Capital.
Stonybrook Capital served as the exclusive financial advisor to Bondex Insurance Group.
Stonybrook Capital is a merchant and investment banking firm located in New York City that focuses exclusively on the insurance industry. Stonybrook Capital’s subsidiary company, Stonybrook Risk Management, provides reinsurance intermediary services and risk management advisory. Stonybrook Ventures, a sub-division of Stonybrook Capital, offers clients enhanced services such as fund placement as well as investor relations for insurance-related funds.
Securities transactions are executed through Weild & Co., member FINRA | SIPC.
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