For Immediate Release
April 3rd, 2019
Uniondale, NY — Gramercy Risk Holdings, LLC (“Gramercy”), a New York-based insurance holding company, is pleased to announce that it has acquired Executive Insurance Company (“Executive”), a NY-domiciled admitted insurance company, to be renamed Gramercy Indemnity Company. Executive joins Gramercy Risk Management and Certus Claims Administration as operating companies under the Gramercy umbrella and will initially provide property and casualty reinsurance to business underwritten by Gramercy.
“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, EVP & Chief Operating Officer of Gramercy. “We identified Executive as a possible candidate and are pleased that the NY Department of Financial Services approved our operating plan for underwriting business in the future”.
“I am pleased that the NYDFS has approved our acquisition of Executive along with our plan for carefully underwriting specialty classes of business and providing insurance programs that meet the needs of our clients” said William Fishlinger, Chairman and CEO of Gramercy. “Our goal is to work with AM Best on achieving a rating of A- or better as soon as possible.”
Gramercy was founded in 2014 by William and Matthew Fishlinger following the sale of The Wright Insurance Group (“Wright”) to Brown & Brown. Formed as a highly sophisticated, blue-chip management platform, Gramercy provides managed services to insurance companies, brokers, MGAs, runoff companies and other risk financing vehicles. Gramercy applies the same philosophies regarding the management of risk that William Fishlinger adopted when he formed Wright in 1978.
About Gramercy Risk Holdings, LLC
Gramercy Risk Holdings is a full-service insurance underwriting, management and risk-financing platform located in Uniondale, NY. Focusing on specialty, property and casualty business, Gramercy provides a comprehensive suite of services delivered by highly skilled 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 professional services to capital providers, third-party insurance companies as well as MGAs and brokers.
Head of Corporate Development