Gramercy Risk raises cash for venture into insurance
Gramercy Risk Holdings, a New York-based insurance programmes management platform, has raised an undisclosed amount of equity capital, which it plans to use to buy and capitalise a shell insurance company.
The new venture will complement its existing management company, Gramercy Risk Management.
Gramercy was founded in 2014 by Bill and Matt Fishlinger following the sale of the Wright Insurance Group to Brown & Brown. It provides managed services to insurance companies of all types.
"Gramercy is now well positioned to launch its first programme, focusing on New York Contractors, in early 2018 and offer our services to other specialty, niche markets," said Matt Fishlinger, chief operating officer of Gramercy.
Stonybrook Capital served as the exclusive financial advisor to Grammercy Risk Holdings.
Bill Fishlinger, chairman & CEO of Gramercy, added: "We are excited to announce our successful capital raise, which will allow us to provide insurance programmes to customers in markets that have traditionally been underserved."
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