For Immediate Release
May 31, 2024
NEW YORK, NY – KMC has agreed to provide paper to write reclamation, commercial, and contract surety to TSA. TSA will be provided access to KnightBrook Insurance Company (“KBIC”) paper. Stonybrook Capital & Risk Management was the exclusive intermediary for the transaction and led all structuring efforts and negotiations.
KBIC is KMC’s admitted insurance company, which is licensed to write P&C business in 49 states and Washington D.C. KBIC is domiciled in Delaware while they maintain headquarters in Los Angeles, California. KBIC has an AM Best rating of “A-“ Excellent, which can be attributed to KBIC’s strong underwriting guidelines and organic surplus growth through new and remaining business.
First Surety is a West Virginia-domiciled P&C Company with licenses in Indiana, Ohio, Utah, and West Virginia. It is a subsidiary of Jacobs Financial Group, which also owns 100% of Triangle Surety Agency, the general agent for First Surety. Triangle Surety will act as the program administrator for the program. The agreement will approximately double the amount of business First Surety will be able to write in the next 12 months, with continued growth after that.
KMC has given First Surety the authority to issue bonds on their behalf in 18 states. First Surety is providing 90% quota share reinsurance agreement with KBIC.
Founder and CEO of Jacobs Financial Group, John Jacobs said:
“We look forward to working with Knight, an Insurance Company specializing in Surety. Their vast knowledge in the surety business speaks volumes. First Surety is eager to introduce its clients to Knight. Stonybrook was the utmost professional broker throughout the entire transaction and we remain impressed with the depth and breath of resources the Firm can bring to the table time, and time again.”
Senior Head of Property & Casualty Underwriting Practice of KMC, Michael Pepitone said:
“We welcome the relationship. The Jacobs Financial Group and Triangle Surety are financial specialists with excellent service to their clients.”
Partner and Managing Director at Stonybrook Capital & Risk Management, Paul Dzielinski said:
“We were very pleased by the responsiveness and professionalism of the Knight team. They were able to quickly realize the benefits of this business relationship with First Surety and they worked with us efficiently to enable a quick launch of this program.”
About Stonybrook Capital & Risk Management
Stonybrook Capital is a global investment banking and reinsurance broking firm, with headquarters in New York City and boots on the ground in London, that focuses exclusively on the insurance and reinsurance industry. The Firm was founded in 2012 and was ranked #2 behind Goldman Sachs in the S&P advisory league tables for 2022.
Corporate contact:
Kendel Bell
[email protected]