Marsh & McLennan has completed the sale of MMC Capital, the company's private equity subsidiary, to its management team. The new firm will be named Stone Point Capital LLC and will continue to focus on investments in the insurance and financial services sectors.
Stone Point Capital, headquartered in Greenwich, Connecticut, will assume management responsibility for the Trident Funds, a private equity group that has been a leader in making investments in the insurance and financial services sectors since 1985. Stone Point Capital will manage more than $2 billion of capital, including its most recent fund, Trident III LP, a $1.1 billion fund formed in 2003.
Charles Davis, CEO of Stone Point Capital, said: We are excited about our prospects as an independent organization. This transaction will enable us to continue our specialized focus on the insurance and financial services sectors. We appreciate the support of MMC in the development of our platform over the past 20 years, and we look forward to continuing our business under this new structure.