August 13, 2026
For Immediate Release,
NEW YORK, NY – Stonybrook Capital & Risk Management (“Stonybrook”) is pleased to announce that NEC Specialty, Inc. (“NEC Specialty” or the “Company”), a managing general agent specializing in General Liability insurance programs for artisan and general contractors, has secured a revolving credit facility of an undisclosed amount from East West Bank. Stonybrook served as the Company’s Exclusive Financial Advisor in connection with the capital raise. NEC Specialty exclusively serves wholesale brokers and provides specialized contractor insurance solutions backed by “A” AM Best FSR rated issuing carrier relationships in addition to a strong reinsurance panel behind each primary insurer.
Proceeds from the financing will support the Company’s working capital needs and provide additional financial flexibility as NEC Specialty continues to expand its product offerings and pursue long-term growth initiatives. The revolving credit facility will support the Company’s cash flow cycle and provide additional capacity as NEC Specialty continues to grow its platform.
Rob Mangi, CEO of NEC Specialty, commented:
“We are very pleased to partner with East West Bank and appreciate the team’s thoughtful and collaborative approach throughout this process. We are excited to build on this relationship as NEC Specialty continues to grow. I also want to thank Stonybrook for its guidance and support throughout the capital raise. Their team was instrumental in helping us navigate the process and bring the facility to a successful close. At NEC, we have had a very positive experience with the banker/broker model. Stonybrook’s reinsurance brokers and investment bankers work very well together and that offering suite really benefits NEC and our client experience.”
Joe Scheerer, Chairman and CEO, Stonybrook:
“We have had the privilege of working with Rob and NEC Specialty for many years across both Stonybrook Capital and Stonybrook Risk Management. We have seen firsthand the impressive growth of the business and the quality of the team Rob has built. This is a relationship we truly value and also genuinely enjoy. We are proud to continue supporting Rob and NEC Specialty and look forward to being a partner for many years to come. Whether it is putting programs together as a reinsurance intermediary or raising capital as an investment banker, Stonybrook is here for NEC.”
Please see a case study of the transaction here
About Stonybrook Capital & Risk Management:
Stonybrook is a global, specialist investment banking and reinsurance broking firm focused exclusively on the insurance industry. Our independent advice is grounded in deep industry knowledge across long-term trends, strategy, products and capital structures. We advise insurers, reinsurers, distributors, asset managers and institutional investors, offering insights shaped by extensive experience, industry relationships and a track record of successful outcomes.
Stonybrook, coming up on its 15th anniversary since its founding, recently moved to spectacular Class A office space on Park Avenue at 41st Street. Stonybrook is the first and only investment bank member of NAMIC, a market leader in surplus note and other hybrid capital placements, and the #1 InsurTech placement agent in the United States and Europe. The firm also has professionals on the ground in London and Bermuda.
Corporate Contact:
Kendel Bell
[email protected]
Securities transactions are executed through Weild & Co., member FINRA | SIPC