Core Specialty announces investment in Gramercy Risk
Core Specialty Insurance and insurance management and risk-financing platform Gramercy Risk Holdings announced the signing of a purchase agreement whereby Core Specialty will make a minority investment in Gramercy. The use of proceeds will fund growth initiatives at Gramercy and its subsidiaries. The completion of the transaction will be conditional upon obtaining required regulatory approvals and is expected to close in the second quarter of 2024.
In addition to its investment, Core Specialty’s insurance subsidiaries will become the exclusive policy-issuing carriers for Gramercy products.
Gramercy provides property and casualty insurance programs for specialty classes of business, including New York Contractors. It focuses on specialty, property and casualty business, providing a suite of services delivered by underwriters, claims and litigation managers, risk managers, attorneys and loss control experts. In addition to managing programs on its own balance sheet, Gramercy offers these services to capital providers, third-party insurance companies as well as MGAs and brokers.
As part of the transaction, Core Specialty will appoint two new members to Gramercy’s Board of Directors, Chris Watson and Scott Snyder. Watson has served on the Core Specialty Board since its recapitalization in November 2020. Snyder is President, Fronted Programs at Core Specialty.
“We are delighted to announce our investment in Gramercy and to become the exclusive capacity provider for Gramercy’s insurance products. Bill Fishlinger, Gramercy’s Chairman and Chief Executive Officer, has a strong track record of successful development and ongoing management of insurance companies, consistently producing combined ratios that outperformed the property and casualty industry for over 30 years.” – Jeff Consolino, Core Specialty’s Founder, President, and Chief Executive Officer.
“Our partnership with Core enhances Gramercy’s ability to deliver best in class specialty programs to our brokers and insureds, positioning us well for future growth.” – Matt Fishlinger, Chief Operating Officer of Gramercy.
