Houston and New York — Sanders Morris Harris Group Inc. 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/casualty insurance holding company.

Aquiline Capital Partners LLC, a private equity firm investing in financial services, and Wright Risk Management Co. LLC, a risk financing and insurance management company, formed WRM America Holdings through a $75 million investment. WRM will provide comprehensive insurance programs to private and public K-12 schools, colleges and universities though its underwriting subsidiary, WRM America Indemnity.

“The formation of WRM America Holdings is significant for the industry given that it was one of only two property/casualty companies started and funded in the 2008 calendar year,” says Alexander Clark, managing director, SMH Capital.

Industry veterans Clark and Paul Nowak, SVP, who collectively have more than 45 years of insurance specific investment banking experience, led the SMH Capital team. Guy Carpenter served as advisor on the AM Best rating process, and Dewey & LeBoeuf provided legal services.

Source: Sanders Morris Harris Group

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