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Gramercy Risk Holdings LLC, a New York-based insurance holding company, on Wednesday said it has acquired Executive Insurance Co., a New York-domiciled admitted insurer.
Terms of the transaction were not disclosed.
Executive Insurance will initially provide property/casualty reinsurance to business underwritten by Gramercy and will be renamed Gramercy Indemnity Co., joining Gramercy Risk Management and Certus Claims Administration as operating companies under the Gramercy umbrella, Gramercy said in a statement.
“When we launched Gramercy in 2014, we always envisioned adding an insurance carrier to our corporate structure to support classes of business that we underwrite,” said Matthew Fishlinger, executive vice president and chief operating officer of Gramercy.
Marsh & McLennan Agency LLC, the middle market agency subsidiary of Marsh LLC, on Tuesday said it has acquired Phoenix-based commercial broker Lovitt & Touché Inc.