NEW YORK, March 18, 2019 – Triangle Surety Agency, Inc. (“Triangle” or the “Company”) a licensed, surety-focused insurance agency and wholly-owned subsidiary of Jacobs Financial Group (OTC Pink: “JFGI”), announced that it has succeeded in securing financing for certain of its working capital requirements. Proceeds will be used to pay certain expenses and fund aspects of Triangle’s planned expansion.
Founded in 1992, Triangle began serving the coal mining industry in West Virginia by brokering surety bonds offered by large national insurance companies. Triangle is registered in ten states and offers solutions across a wide variety of bond classifications through its relationships with a number of the top surety providers in the industry. John Jacobs, President of Triangle, said, “I am pleased to have worked with Stonybrook on this transaction and appreciated its ability to understand our business and to help us quickly fulfill our immediate mandate.”
Stonybrook Capital advised Triangle on this transaction and assisted Triangle in arranging the financing from an international family office. The name of the lender and the terms of the financing were not disclosed.
“We are pleased to assist Triangle’s rapidly growing business with this transaction and look forward to supporting future capital needs and further expansion plans,” said Sara Smith, Associate at Stonybrook Capital.
“Since its founding in 2012, Stonybrook Capital has focused on helping underserved markets meet their unique needs,” said Joseph Scheerer, Principal & Chief Executive Officer of Stonybrook Capital. Scheerer continued, “We look forward to continuing to demonstrate our capabilities and growing our expertise in the surety space in the coming months.”
About Stonybrook Capital
Stonybrook Capital is a merchant and investment banking firm located in New York City that focuses exclusively on the insurance industry. Stonybrook Capital’s member company and licensed reinsurance intermediary, Stonybrook Risk Management, provides market finding 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 Niagara International Capital Limited, Member FINRA | SIPC.
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