SMH Capital Advises Formation of Specialty Insurance Holding Company
Sanders Morris Harris Group Inc. (NASDAQ: SMHG) today announced that its investment banking group, SMH Capital, served as sole placement agent and financial advisor for the formation, structuring and initial funding of WRM America Holdings, a specialty line property and casualty insurance holding company.
Houston, Texas and New York, New York (PRWEB) November 13, 2008 -- Sanders Morris Harris Group Inc. (NASDAQ: SMHG) today announced that its investment banking group, SMH Capital, served as sole placement agent and financial advisor for the formation, structuring and initial funding of WRM America Holdings, a specialty line property and casualty insurance holding company.
WRM America Holdings was formed through a $75 million investment by Aquiline Capital Partners, LCC, a New York-based private equity firm investing in financial services, and Wright Risk Management Company, LCC, a leading risk financing and insurance management company. WRM America Holdings is based in Uniondale, New York, and will provide comprehensive insurance programs to private and public K-12 schools, colleges and universities though its underwriting subsidiary, WRM America Indemnity, which has received a financial strength rating of A- (excellent) from AM Best Company.
"The formation of WRM America Holdings is significant for the industry given that it was one of only two property and casualty companies started and funded in the 2008 calendar year," Alexander M. Clark, Managing Director, SMH Capital said.
The SMH Capital team was led by industry veterans Clark and Paul Nowak, Senior Vice President, who collectively have more than 45 years of insurance specific investment banking experience. Guy Carpenter served as advisor on the AM Best rating process, and Dewey & LeBoeuf provided legal services.
The SMH Capital financial services investment banking team provides advisory services on mergers & acquisitions and capital raising for the following sectors: specialty finance, financial service oriented technology, life-annuity, health, property and casualty insurance, and insurance marketing.
About Sanders Morris Harris Group
Sanders Morris Harris Group is a financial services company that manages $10.3 billion in client assets. It has two primary businesses. Asset/Wealth Management, the largest, provides highly regarded wealth advisory and asset management services to individuals and institutions. The other, Capital Markets, offers investment banking, institutional brokerage, trading, and research to a variety of institutions and middle market companies. Its corporate philosophy of investment in common aligns its interests with those of its clients. Sanders Morris Harris has over 600 employees in 21 states. Additional information is available at www.smhgroup.com.
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