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Gramercy raises funds; will start construction program

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New York-based Gramercy Risk Holdings, a managing general agent formed by former brokers from Wright Insurance Group, has raised an undisclosed amount of equity capital, according to a statement Thursday from New York-based Stonybrook Capital, a merchant and investment-banking firm focusing exclusively on the insurance and reinsurance industry.

Gramercy Risk Holdings was founded in 2014 by Bill and Matt Fishlinger following the sale of Wright to Brown & Brown Inc. The capital raised will fund Gramercy's acquisition and capitalization of a shell insurance company to pair with its existing management company, Gramercy Risk Management, the statement said.

“Gramercy is now well positioned to launch its first program, focusing on New York contractors, in early 2018 and offer our services to other specialty, niche markets," said Matt Fishlinger, executive vice president and chief operating officer of Gramercy, in the statement.

Stonybrook Capital served as the exclusive financial adviser to Gramercy Risk Holdings.

"We are extremely proud to have helped complete this transaction and, moreover, to be associated with a management team of this caliber," said Ravi Arps, director at Stonybrook Capital, in the statement.