Stonybrook Capital advises Northeast Coverages on AUI acquisition

Stonybrook Capital, the investment bank for the re/insurance industry that has a presence in Bermuda, has advised Northeast Coverages on the acquisition of Texas managing general agency and surplus lines broker AUI.

Stonybrook Risk Management, a wholly-owned subsidiary of Stonybrook Capital and a licensed reinsurance intermediary, served as the exclusive reinsurance intermediary for Northeast Coverages MGA.

Northeast Coverages is a New York based wholesale MGA servicing 18 states across the US, offering a diverse range of products and specialising in commercial property and liability risks. It was founded in 2003.

AUI is headquartered in Austin, Texas, and writes commercial property and liability insurance, as well as niche sub-classes of business including liquor liability. It was founded in 1986 and is licensed in Texas and Colorado.

Joseph Scheerer, principal and chief executive officer of Stonybrook Capital, said: "Since its founding in 2012, Stonybrook Capital has focused on providing support to underserved markets to meet their unique needs."