NEW YORK, Dec. 17, 2018 (GLOBE NEWSWIRE) -- Heritage Insurance Holdings, Inc. (“Heritage” or the “Company”), a Florida-based, homeowners insurance company, today announced it has succeeded in raising a $125m debt facility through a $75m term loan and $50m revolving credit facility. Proceeds will be used to refinance existing debt.
Heritage is a Florida-based insurance company founded in 2012. The Company completed an Initial Public Offering in May 2014, trading under “HRTG” on the NYSE, and since inception has seen industry-leading growth and profitability despite several catastrophic events in its covered markets. “Stonybrook Capital’s insurance sector expertise made them easy to work with, as they thoroughly understood our business and our goals,” said Bruce Lucas, CEO of Heritage.
Stonybrook Capital served as the exclusive financial advisor to Heritage on this transaction.
“We enjoyed working with one of the nation’s top regional homeowners underwriters and are pleased to continue developing our brand and capabilities in the market,” said Thomas Deane, Managing Director at Stonybrook Capital.
“We are pleased to have been able to work with a prestigious firm such as Heritage on this transaction,” said Joseph Scheerer, Principal & Chief Executive Officer of Stonybrook Capital. Scheerer continued, “Since we were founded in 2012, we have developed a particular expertise in the coastal markets and we look forward to continue demonstrating our capabilities in this space over the coming months.”
About Stonybrook Capital
Stonybrook Capital is a merchant and investment banking firm located in New York City that focuses exclusively on the insurance industry. Stonybrook Capital’s member company and licensed reinsurance intermediary, Stonybrook Risk Management, provides market finding services and risk management advisory. Stonybrook Ventures, a sub-division of Stonybrook Capital, offers clients enhanced services such as fund placement as well as investor relations for insurance-related funds.
Securities transactions are executed through Weild & Co., member FINRA | SIPC.
Corporate contact:
Thomas Deane
Managing Director
Tel: (203) 451-4916
thomas.deane@stonybrookcapital.com