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STONE POINT CAPITAL ANNOUNCES THE FORMATION OF MERCATOR RISK SERVICES - A NEW INDEPENDENT WHOLESALE INSURANCE BROKER
Greenwich, CT, January 10, 2006 — Stone Point Capital LLC today announced the capitalization of Mercator Risk Services, Inc. (www.mercatorrisk.com) a newly formed, independent wholesale insurance broker. Trident III, L.P., a private equity fund managed by Stone Point Capital, will be the lead investor in Mercator, along with the founding management team.
Mercator will provide wholesale and specialty insurance solutions for mid- to large-sized retail insurance brokers though the implementation of a new business model for wholesale insurance placements. The model is built around broker specialization, customer service and transparency and will provide customers superior solutions by rewarding teamwork and collaboration.
The management team of Mercator will be led by John Addeo as Chairman and Christopher Treanor as President and Chief Executive Officer. Mr. Addeo recently retired as CEO of Alliant Resources, the fourteenth largest retail insurance broker in the United States. Mr. Treanor, who left Marsh Inc. in December, was formerly CEO of Marsh's worldwide placement operations.
"Wholesalers have traditionally relied on production-based commissions to compensate individual producers. We believe this approach creates an "independent contractor" mindset and limits collaboration, resource development and information sharing," said President and CEO Treanor. "In today's increasingly complex environment, customers require the best resources be brought together to solve their problems. Our approach is designed to make sure the right expertise is brought to each transaction."
"I am pleased to be part of the leadership team and I believe we have an opportunity to change the wholesale industry and deliver a better product to our retail customers" said Chairman Addeo.
"We believe the Mercator approach to wholesale placements will provide the company's retail broker clients access to a superior level of expertise and customer service," said Chuck Davis, CEO of Stone Point. "Both John and Chris are team builders and bring a deep understanding of the needs of retail brokers. We are enthusiastic about partnering with them on this venture."
Mercator currently has over 25 employees located in New York, Atlanta and Florida and is in the process of opening offices in Chicago and San Francisco. Mercator is scheduled to open additional offices in the US and London during 2006.
Stone Point Capital LLC (www.stonepoint.com) is a global private equity firm based in Greenwich, Connecticut. Stone Point Capital serves as the manager of the Trident Funds, which have raised more than $3 billion in committed capital for funds that make investments in the insurance, employee benefits and financial services industries. Stone Point Capital and its predecessor operations have led the formation of many successful insurance and reinsurance companies, including ACE Limited, XL Capital Limited, Mid Ocean Limited, James River Group, Inc., AXIS Capital Holdings Limited and, most recently, Harbor Point Limited.
Contact Information:
Charles A. Davis
Stone Point Capital LLC
(203) 862-2900
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