Stonybrook Capital, an investment and merchant bank focused on the insurance sector, has established a new risk management division, which includes an emphasis on captive services.
Andrew Downing has joined as president of the newly formed Stonybrook Risk Management division.
As president of the New York firm’s new division, Downing will focus on serving clients and prospects with a focus on the insurance carrier and managing general agent marketplace, insurance technology, alternative risk, reinsurance, strategic advisory and captive services.
Downing has more than 25 years of experience in the reinsurance industry and has held a variety of positions at E.W. Blanch, Towers Perrin/Towers Watson, and most recently JLT Re.
Stonybrook principal and managing director Joe Scheerer said the firm was excited to have Downing as part of the team.
He explained: “We know that our clients and prospects will appreciate the complimentary services that Andrew Downing can provide and the experience that he has in the sector.”
“As a firm that focuses on the insurance industry, we are acutely aware how important it is to be able to provide services beyond the traditional investment banking scope.”
According to Downing, Scheerer has done a “tremendous job in building out Stonybrook”.
He said: “He has created an organisation that is driven to provide best in class solutions for their clients, by recognising the importance of value and commitment the entire team brings to the table.
“Having the ability to provide a broader service offering through risk management and ancillary insurance services will only add to the already successful client experience”.
