NEW YORK, NY — Stonybrook Capital, LLC, is pleased to announce that it has advised Northeast Coverages Inc., on the acquisition of Texan managing general agency and surplus lines broker AUI Inc. Stonybrook Risk Management, LLC, a wholly-owned subsidiary of Stonybrook Capital, LLC and licensed reinsurance intermediary, served as the exclusive reinsurance intermediary for Northeast Coverages MGA.
Founded in 2001, Northeast Coverages Inc. is a New York based Wholesale/MGA Agency licensed in 46 states. Northeast Coverages offers a diverse range of products and specializes in commercial property and liability risks.
AUI Inc. is headquartered in Austin, Texas, and writes commercial property and liability insurance, as well as niche sub-classes of business including liquor liability. AUI Inc. is licensed in Texas and Colorado.
“With the acquisition of AUI Inc. in Austin, we have been able to expand our distribution further into the southwest, which has been a huge opportunity for our organization,” said Rob Mangi, Chief Executive Officer of Northeast Coverages.
“Since its founding in 2012, Stonybrook Capital has focused on providing support to underserved markets to meet their unique needs,” said Joseph Scheerer, Principal and Chief Executive Officer of Stonybrook Capital. Scheerer continued, “We look forward to continuing to serve Northeast Coverages in their efforts to expand their business.”
Please find a case study of the transaction by clicking here.
About Stonybrook Capital and Stonybrook Risk Management
Stonybrook Capital is an 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.
Securities transactions are executed through Weild & Co., member FINRA | SIPC.
Tel: +1 (646) 927 0438