Stonybrook Capital Advises Conifer Holdings on its Asset Sale to Bishop Street Underwriters

For Immediate ReleaseSeptember 6, 2024 Stonybrook Capital Advises Conifer Holdings on its Asset Sale to Bishop Street Underwriters NEW YORK, NY – Stonybrook Capital & Risk Management (“Stonybrook”) is pleased to announce that Michigan-based Conifer Insurance Services, Inc (“Conifer”), a specialty insurance MGA, has been acquired by Bishop Street Underwriters, a multi-boutique MGA insurance platform, […]

Stonybrook Capital Advises Marble on its Sale to The Zebra

For Immediate Release August 8, 2024 NEW YORK, NY – Stonybrook Capital & Risk Management (“Stonybrook”) is pleased to announce that New York-based Marble, Inc (“Marble”), a virtual insurance wallet company, has been acquired by The Zebra, an Insurance Comparison site company. The acquisition will allow The Zebra to expand its consumer offerings, including policy […]

Stonybrook Mid-Year Review of Equity Capital Markets

Dear friends and colleagues, Equity investors have passed through a distressing period, facing concerns about inflation, interest rates, supply chains, geo-political threats, and their impact on valuations. Parts of the public markets have since recovered. Notably, insurance industry participants that we follow have outperformed most other equities.  We now see some increasing interest in private market activity as […]

Stonybrook Capital Advises ICC Holdings, Inc. on its Sale to Mutual Capital Group for $23.50 Per Share in a $73.8 Million Transaction

For Immediate ReleaseJune 12, 2024 WYALUSING, Pa. & ROCK ISLAND, Ill.–Mutual Capital Group, Inc. (“MCG”), parent company of Mutual Capital Holdings, Inc. (“MCH”) and ICC Holdings, Inc. (NASDAQ: ICCH) (“ICCH”), parent company of Illinois Casualty Company, jointly announced that they have entered into a definitive merger agreement under which MCG will acquire all outstanding ICCH […]

Stonybrook Capital Advises UFG on its $70 million Senior Unsecured Note Offering

NEW YORK, NY – Stonybrook Capital & Risk Management (“Stonybrook”) is pleased to announce that Iowa-based United Fire Group, Inc (the “Company” or “UFG”) (NASDAQ: UFCS), a property and casualty insurance carrier has completed a placement of $70 million aggregate principal senior unsecured 9.0% notes due May 31, 2039 in a private offering with Ares […]

Knight Management Company, LLC d/b/a Knight Solutions Insurance Agency (“KMC”) and Triangle Surety Agency (“TSA”) Enter Into a Program Administration Agreement  

For Immediate ReleaseMay 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 […]

Stonybrook adds former Pharmacists Mutual CEO Yorty as strategic advisor

Boutique insurance advisory firm Stonybrook Capital and Risk Management has added former Pharmacists Mutual Insurance Group president and CEO Ed Yorty as a strategic advisor. Yorty has spent the last two and a half decades in senior positions at mutual insurers, with stints at Medical Mutual Liability Insurance Society and Oregon Mutual Insurance Group before […]

Innovations in Workers’ Compensation

Dear Friends and Colleagues,  Stonybrook Capital is a strong supporter of financing innovative developments across the insurance industry. Our firm recently completed a study discussing how new technology is improving outcomes and performance for Workers Comp insurers, employers, and employees. The study introduces new wearable safety devices, deep analytics to better manage risky, and costly claims, […]

Year End 2023 Review

Friends and colleagues, We are pleased to present our annual review of P&C insurance market results and performance, and our outlook for next year. Major themes at year-end 2023 include:· A year with $100B of large losses globally was not a significant stress event. Cats of $1B and above are less than 5% on the industry’s loss ratio. Reinsurers […]

Stonybrook Advises Heritage on their $25 million Public Offering of Common Stock

On December 19, 2023, Heritage Insurance Holdings, Inc. (NYSE: “HRTG” or “Heritage”), a super-regional property and casualty insurance holding company, announced the successful conclusion of its primary public offering of common stock. The gross proceeds, totaling approximately $25 million before accounting for underwriting discounts, commissions, and other expenses. The primary offering comprised of 3,703,703 shares […]

Greek MGA Nos hires Stonybrook Capital to roadshow European expansion plan

Privately owned Greek motor MGA Nos Insurance Services has hired New York-based investment bank Stonybrook Capital to raise up to $30mn to finance an ambitious European growth plan, The Insurer can reveal. Nos co-founder Alex Liagkas is currently roadshowing the company’s plans to prospective investors in New York and is in London next week, according to sources […]

Insural Insurance Solutions Acquisition of WRC Agency, Inc.2

On November 1, 2023, WRC Agency Inc., a wholly-owned subsidiary of Wisconsin Reinsurance Corporation, closed on the sale of its book of business to Insural Insurance Solutions, Inc., a subsidiary of Farmers Union Service Association, LTD. Based in North Dakota, Insural Insurance Solutions, a wholly owned subsidiary of Farmers Union Service Association, LTD., provides insurance brokerage […]

Stonybrook’s CEO to speak at “2023 Insurance Insight Conference”

NEW YORK, NY Stonybrook Capital & Risk Management is proud to announce that Joe Scheerer, CEO, and Adam Clay, SVP, have been invited to speak at the upcoming Forvis Insurance Insights conference. The event will be held at the W Hotel Nashville on September 27-29, 2023. The Forvis Insurance conference is a gathering of executives […]

DryStone Capital Corporation completes a Senior Secured Credit

New York, NY – Stonybrook Capital is pleased to announce the completion of a Senior Secured Credit Facility for DryStone Capital Corporation. The facility allows DryStone to further expand profitable specialty P&C programs with quality MGAs.  DryStone Capital Corporation is a specialized (re)insurance platform that insures specialty MGAs and applies its proprietary model to reduce […]

Stonybrook Capital Advises Sherpa on its Merger with MyHealthMath

Friends & Colleagues,  Stonybrook is proud to announce its role as Exclusive Financial Advisor supporting Sherpa through a business combination with MyHealthMath in the form of a new entity called HYKE. Together, the two companies offer a truly global insurance decision-support platform providing consumers with help facing complex choices across medical, life and P&C insurance.  Please […]

Whitepaper on Insuretech

NEW YORK, NY — To our friends and colleagues, We are pleased to share Stonybrook’s update on investments in the Insuretech arena. Issues with the broader tech industry, notably higher interest rates and their impact on the value of all growth companies, had held the sector back. But there is a rising case for optimism, especially for […]

Whitepaper on P&C global growth

NEW YORK, NY — To our friends and colleagues, Many insurers consider geographic expansion to improve both their scale and diversification. Growing globally does bring challenges. This Stonybrook whitepaper reviews some of these constraints. We identify several geographies with both strong local market growth rates and reasonable access for non-local players. Please click here to view the article. We hope that this analysis is helpful. As always, […]

In a joint interview with The Insurer TV, Stonybrook Capital’s Joe Scheerer and Adam Clay explain the current state of the insurtech funding market

Greetings, Stonybrook Capital CEO Joe Scheerer and SVP Adam Clay share their thoughts on investor sentiment across the insurtech space, including the impact stemming from the recent banking crisis and anticipated funding levels for 2023 and beyond. Click here to see the full 11-minute interview.  Corporate contact:Kendel BellTel: +1 (917) [email protected]

Stonybrook Reviews 2022 and 2023 P&C Markets

December 29, 2022 NEW YORK, NY — To our friends and colleagues, Please click here to find Stonybrook Capital’s Market Overview for 2022 and 2023. We hope that this analysis is helpful. As always, we welcome your questions and comments. About Stonybrook Capital & Risk ManagementStonybrook Capital & Risk Management is a global investment banking and reinsurance broking firm, with […]

Stonybrook Capital & Risk Management is proud to announce that Thomas Deane, a Partner at Stonybrook, has been invited to speak at PADIC’s upcoming conference

NEW YORK, NY Stonybrook Capital & Risk Management is proud to announcethat its own Tom Deane, Partner, has been invited to lead a presentation at theupcoming Pacific Association of Domestic Insurance Companies (PADIC)conference. The event will be held in Stockton, California on June 16th, 2022.Attending the conference will be several PADIC member companies, allesteemed industry […]

Stonybrook Capital: A.I. Insurtech Bees360 Complete Series A Financing

NEW YORK, NY – Stonybrook Capital (“Stonybrook”) is pleased to announce that it has advised Bees360 on its Series A financing round. Bees360 is a leading Insurtech innovator and a one-stop-shop service provider with a focus on the development and utilization of artificial intelligence (AI), machine learning, and drone technology to transform the traditional property […]

Paul Kneuer Featured in Trading Risk Article 

April 26, 2022  NEW YORK, NY – Paul Kneuer, a Stonybrook Managing Director, was featured in the Trading Risk article “Cyber ILS: On the edge of a breakthrough?” discussing the ILS cyber reinsurance sector. Paul illustrated the possible future of quota share offerings and how the market could handle cyberattacks and challenges. The full article can […]

Adam Clay Joins the Stonybrook Team as Senior Vice President

April 14, 2022 NEW YORK, NY – Stonybrook Capital & Risk Management (“Stonybrook”) is pleased to announce the recent addition of Adam Clay to the team. As Senior Vice President of Stonybrook Capital, Mr. Clay will assist the team in giving exclusive attention to the financing and banking services in the InsurTech space. Mr. Clay joined Stonybrook […]

Stonybrook Capital advises AF Group on its Pending Acquisition of AmeriTrust Group

April 12, 2022 NEW YORK, NY — Stonybrook Capital (“Stonybrook”) is pleased to announce that it has advised AF Group on its pending acquisition of AmeriTrust Group (“AmeriTrust”). Based in Lansing, Michigan, AF Group was founded in 1912 and is a nationally recognized holding company whose affiliated brands provide specialty and workers’ compensation insurance solutions […]

Stonybrook Capital Served as the Exclusive Financial Advisor for Summit Specialty Insurance Company’s Surplus Note

For Immediate Release March 17, 2022 NEW YORK, NY — Stonybrook Capital (“Stonybrook”) is pleased to announce that it has advised Summit Specialty Insurance Company (“Summit Specialty”) on its $7,500,000 surplus note with Federated Life Insurance Company. Summit Specialty is a wholly owned subsidiary of ReAlign Insurance Holdings, LLC. The group is rated “A” (size category […]

Stonybrook Capital is Pleased to Announce that it has Advised Florida Peninsula Holdings on its $20,000,000 Subordinated Debt Facility

For Immediate Release June 1, 2021 NEW YORK, NY — Stonybrook Capital (“Stonybrook”) is pleased to announce that it has advised Florida Peninsula Holdings (“Florida Peninsula”) on its $20,000,000 subordinated debt facility. This is the second time Stonybrook has successfully advised Florida Peninsula on a capital raise in the last two years. “We are proud […]

Stonybrook Capital (“Stonybrook”) is pleased to announce that it has advised Cypress Group Holdings, Inc. (“Cypress”) on its proposed majority sale to an investment group led by Milestone Partners (“Milestone”).

For Immediate Release January 19, 2021 NEW YORK, NY — Stonybrook Capital (“Stonybrook”) is pleased to announce that it has advised Cypress Group Holdings, Inc. (“Cypress”) on its proposed majority sale to an investment group led by Milestone Partners (“Milestone”). Along with Cypress, Milestone has acquired controlling stakes in ancillary companies that were previously owned […]

Stonybrook Capital (“Stonybrook”) is pleased to announce that it has advised Xchange Group, LLC in the sale of 80% of the membership interests of each of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC (collectively “Xchange”) to Ambac Financial Group, Inc. (NYSE: “AMBC”, “Ambac”)

For Immediate Release   December 24, 2020   NEW YORK, NY — Stonybrook Capital (“Stonybrook”) is pleased to announce that it has advised Xchange Group, LLC in the sale of 80% of the membership interests of each of Xchange Benefits, LLC and Xchange Affinity Underwriting Agency, LLC (collectively “Xchange”) to Ambac Financial Group, Inc. (NYSE: […]

P&C Cost of Capital

2020 has been a challenging year to date for many companies in the industry, due to COVID and an active catastrophe season, but most covered their cost of capital.

Jacobs and Applied Underwriters Press Release

NEW YORK, NY — Stonybrook Risk Management, LLC, a wholly-owned subsidiary of Stonybrook Capital, LLC and licensed reinsurance intermediary, is pleased to announce the completion of a program agreement between Applied Underwriters, Inc. and Triangle Surety Agency (“Triangle”), a wholly-owned subsidiary of Jacobs Financial Group, Inc. (“Jacobs”). Stonybrook Risk Management advised Jacobs on this transaction […]

Northeast Coverages Inc. Press Release

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 […]

Startup Waves and Stonybrook Services

Recently, there has been wide market discussion about new companies, a potential sign for the beginning of a new startup wave Startup waves have historically shown up after times of distress.

Lending in the Time of COVID-19

This paper analyzes the lending environment from the perspective of debt capital markets in light of COVID-19. Stonybrook interviewed a number of debt markets including regional banks, alternative asset managers, under-leveraged mutuals, and private equity firms in order to understand varying perspectives of the capital markets’ lenders.

Stonybrook Capital Advises on Sandell Re’s Sale to Randall & Quilter

For Immediate Release July 1, 2019 NEW YORK, NY — Stonybrook Capital & Risk Management (“Stonybrook Capital”) is pleased to announce that it has advised on the divestiture of Sandell Re, a Bermuda-based hedge fund reinsurer, to Randall & Quilter (AIMLSE “RQIH”, “R&Q”). R&Q is a Bermuda incorporated, leading provider of finality solutions for run-off […]

Stonybrook Capital Advises on Financing Transaction for Triangle Surety Agency

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 […]

Mutual Insurance Company News Analysis: Activist Stake in EMCI

We write you today to provide our perspectives on the recent announcement that now that activistinvestor Gregory Shepard has built a 5.09% stake in EMCI, he will be pushing to increase the valuation offered by the mutual parent Employers Mutual. Please click here to read the filing. Click here to view a case study we […]

Stonybrook Capital Advises on Heritage Insurance Holdings’ $125m Debt Facility

NEW YORK, NY — Heritage Insurance Holdings, Inc. (“Heritage” or the “Company), a Florida-based, homeowners insurance company, today announced it has succeeded in raising a $125m debt facility through a $75m term loan and $50m revolving credit facility. Proceeds will be used to refinance existing debt. Heritage is a Florida-based insurance company founded in 2012. […]

Stonybrook Capital’s Ravi Arps Featured by AM Best TV on Surplus Notes

For Immediate Release December 13, 2018 Ravi Arps, a Managing Director and Member of the Board of Stonybrook Capital was featured on AM Best TV in an interview discussing the broader market for surplus notes. Ravi illustrated the fragmented nature of the market, the developments arising out of the 2008 financial crisis, and the implications […]

Stonybrook Capital – THE – Market Leader in Hybrid Capital

NEW YORK — Stonybrook Capital, an investment and merchant bank firm, focused exclusively on the insurance industry, is pleased to announce the release of its Insurance Debt Capital Markets Review White Paper. In this White Paper we have explored the recent trends in the insurance debt capital markets while providing our thoughts and perspectives, which […]

Stonybrook Becomes a Member of the IRUA

NEW YORK, NY — Stonybrook Capital, an investment and merchant bank firm, focused exclusively on the insurance industry, is pleased to announce that it is now a corporate member of the Intermediaries & Reinsurance Underwriters Association (“IRUA”). “As the IRUA’s newest Members, Stonybrook Capital and Stonybrook Risk Management are a welcome addition to the Association,” […]

Stonybrook Establishes New Ventures Division and Appoints Sandra Familet to Lead it

NEW YORK, NY — Stonybrook Capital, an advisory and investment banking firm focused exclusively on the insurance industry, announces the creation of the Ventures Division and appoints Sandra Familet to lead it. The newly created division will capture the various initiatives of the company in the investment fund field under a single umbrella. The decision […]

Stonybrook Capital was the Exclusive Sell-Side Advisor on Bondex Insurance Group’s Divestiture of Boston Indemnity Company

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 […]

Stonybrook Capital’s Property & Casualty Insurance Review

NEW YORK, NY — Please click here to find the first edition of Stonybrook Capital’s Property & Casualty Insurance Review. The paper covers macroeconomic and insurance trends, performance of insurance stocks, latest IPO’s in the insurance space and recent M&A activity. This paper predominantly covers June 30th 2017 to June 30th 2018 but there are […]

Paolo Grassi joins Stonybrook Capital as COO and General Counsel

NEW YORK, NY – Stonybrook Capital, an investment and merchant bank focused exclusively on the insurance industry, is pleased to announce that Paolo Grassi has joined the firm as COO and General Counsel. With extensive management and legal experience, spanning nearly three decades, Mr. Grassi brings valuable leadership to Stonybrook Capital’s executive team during a […]

William Nutt Joins Stonybrook Capital as Strategic Adviser

NEW YORK, NY – Stonybrook Capital, an investment and merchant bank focused exclusively on the insurance industry, is pleased to announce that William (“Billy”) Nutt has joined the firm as strategic advisor. By leveraging his in depth expertise of the insurance industry, Mr. Nutt will focus on providing advisory services to our clients with an […]

Stonybrook’s Ravi Arps Promoted to Managing Director

NEW YORK, NY — Stonybrook Capital, an investment and merchant bank firm, focused exclusively on the insurance industry, is pleased to announce that Ravi Arps has been promoted to Managing Director. Mr. Arps, formerly a Director with the firm, joined Stonybrook Capital in 2012 as a co-founder and today is also a member of the […]

Stonybrook Establishes New Risk Management Division

NEW YORK, NY — Stonybrook Capital, a preeminent investment and merchant bank focused on the insurance sector, announced today that Andrew Downing has joined the firm as the president of the newly formed Stonybrook Risk Management division. Mr. Downing will focus on providing value-added services to Stonybrook’s clients and prospects with an emphasis on the […]

Farmers Union Mutual of Arkansas to Affiliate with Farmers Union Mutual of North Dakota

New York, NY — Stonybrook Capital, an affiliate of FINRA-member Weild & Co., was named advisor to Farmers Union Mutual Insurance Company of Arkansas and its affiliated agency Eagle Management in their transaction with Farmers Union Mutual Insurance Company of North Dakota. Farmers Union Mutual Insurance Company of Arkansas is a mutual insurance company that […]

Gramercy Risk Holdings Completes Capital Raise

NEW YORK, NY — Gramercy Risk Holdings (“Gramercy”), a New York-based insurance programs management platform has raised an undisclosed amount of equity capital. Proceeds will fund Gramercy’s acquisition and capitalization of a shell insurance company to pair with its existing management company, Gramercy Risk Management. Gramercy was founded in 2014 by Bill and Matt Fishlinger […]

Thomas Deane Hired as a Director at Stonybrook Capital

NEW YORK, NY — Thomas Deane has joined Stonybrook Capital, a strategic advisory and investment banking firm focused exclusively on the insurance industry, Joseph Scheerer, Principal and Managing Director, announced today. “With more than 10 years of experience in financial services, Tom Deane brings in-depth experience in a wide range of investment banking advisory services […]

Main Street America Sells Great Lakes Casualty Insurance Company

New York, NY — Stonybrook Capital, an affiliate of FINRA-member Weild & Co., earlier this year was named advisor to Main Street America in connection with its intent to sell subsidiary company, Great Lakes Casualty Insurance Company (“GLC”).  GLC is domiciled in Michigan and has been in runoff since 2015.  The sale of GLC was […]

Conifer Holdings Raises $30 Million in Subordinated Notes

NEW YORK, NY — Conifer Holdings (NASDAQ: CNFR) a Michigan-based specialty-lines focused insurance holding company announced its agreement to raise $30,000,000 in subordinated notes with long-term flexibility and less restrictive terms. Proceeds will be used to refinance the $16.4 million outstanding senior debt, to support general working capital purposes, and to finance growth strategies. Conifer […]

Thoughts and perspectives on the “coastal state market”

Stonybrook issues letter from Joe Scheerer NEW YORK, July 11, 2017 Dear friends and colleagues, Stonybrook’s goal is to be a thoughtful strategic advisor to our clients and prospects. As such, we provide for your review a summary of the “Coastal State Perils” market, which is a key focus of our firm; please see attached. […]

Stonybrook Capital Establishes Formal Board of Directors

A Formal Board heralds the next stage in the evolution of Stonybrook Capital New York, NY — Stonybrook Capital announces the formation of a formal Board of Directors.  The Board includes two independent directors, John DiGregoria, and Ian Winchester, and three internal directors, Dwight Evans, Ravi Arps, and Joe Scheerer.  Each member offers complementary perspectives, […]

Stonybrook Capital acted as the exclusive financial advisor to Prepared Holdings, LLC

Stonybrook Capital, an affiliate of FINRA-member Weild & Co., acted as exclusive financial advisor to Prepared Holdings in connection with its sale to an investor group led by Lighthouse Property Insurance Corporation, chairman, Patrick White. “Stonybrook was pivotal in advising us through the complete set of strategic alternatives available to our group and driving a […]

Mutuals White Paper

It is an exciting time in investment banking industry, with much of the activity in the mutual sector of the insurance industry. Long a relatively quiet sector of the industry, the mutual insurance company space has been anything but quiet over the last few years. We expect that activity to accelerate over the next 24 […]

Federated Mutual Announces the Intent to Acquire Granite Re

New York, NY — Stonybrook Capital an affiliate of FINRA-member Weild & Co., acted as advisor to Federated Mutual in connection with its intended acquisition of Granite Re. “Stonybrook was instrumental in helping us think through the strategic alternatives for this business,” said Jeff Fetters, Chairman and CEO of Federated. Federated Mutual is a 112-year-old, […]

Auster Capital Partners Monetizes Investment in Assure Space LLC

New York, NY — Stonybrook Capital an affiliate of FINRA-member Weild & Co., acted as advisor to Auster Capital Partners in connection with its sale of Assure Space. “Stonybrook was instrumental in helping us think through the strategic alternatives for this business and ultimately lead, drive, and negotiate the sale of the business,” said Auster […]

Prepared Engages Stonybrook Capital as Exclusive Financial Advisor

Prepared Holdings, LLC on June 13, 2016 said its Board of Managers authorized a review of strategic alternatives for the Company. The Board of Managers and a key investor committee will review the strategic alternatives and potential opportunities. Stonybrook Capital, an affiliate of FINRA-member Weild & Co., has been retained as exclusive financial adviser to […]

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