Gramercy was founded in 2014 by William and Matthew Fishlinger after the successful sale of their prior company, The Wright Insurance Group, to Brown & Brown Insurance. Gramercy was built on, and operates under, the same insurance management principles that William put in place at Wright, which became one of the industry’s leading insurance firms.
Founded in 1978 by William Fishlinger, Wright consistently produced combined ratios that outperformed the rest of the property and casualty industry under virtually every market condition. These results were largely driven by a strong management company that all Wright programs were run by.
Through its operating platform, Gramercy Risk Management has developed an integrated approach to the core disciplines of:
Gramercy and its executives will leverage their over 30 years of experience at Wright to deliver to its clients profitability, stability and reliability.
Achieved client retention ratios
Focusing on specialty program business, William initially gained recognition for his successful development and ongoing management of two insurance companies, the New York Schools Insurance Reciprocal (“NYSIR”) and the New York Municipal Insurance Reciprocal (“NYMIR”).
Formed in 1989, NYSIR recorded an average combined ratio of 96.8 percent between 1989 and 2013. Similarly, NYMIR registered an average combined ratio of 96.7 percent between 1993 and 2013. Both NYSIR and NYMIR out-performed the rest of the Property and Casualty industry by an average of greater than 10 percent for over 25 years and are currently A.M. Best “A” and “A-” Rated respectively.
As a result of their outstanding performance, both reciprocals consistently achieved client retention ratios in the mid to uppers 90s.
Formed the first educational cooperative purchasing group in the State of New York.
Formed the first cooperative, self-funded workers’ compensation facility in the State of New York.
Founded the New York Schools Insurance Reciprocal, the first public sector owned reciprocal in the country, in partnership with the New York public-school systems.
Founded the New York Municipal Insurance Reciprocal in partnership with municipalities throughout the State of New York.
Was one of the designees appointed by the Risk Manager of the State of New York to design an insurance program for New York contractors assisting with the World Trade Center cleanup efforts after 9/11.
Raised $75 million of private equity through Aquiline Capital Partners to capitalize WRM America Indemnity Company, Inc. under the newly re-branded Wright Insurance Group.
Acquired the largest program manager of Federal Flood Insurance in the United States from Fidelity Financial; re-branded as Wright Flood.
Sold the Wright Insurance Group to Brown & Brown for $607 million; at the time managing over $1 billion in annual gross written premium, and generating over $250 million in annual revenue.
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