Orchid Completes Acquisition of Platinum Partners
VERO BEACH, FL – February X, 2016 – Orchid Underwriters (“Orchid”), a leading specialty underwriter of excess & surplus (“E&S”) insurance focusing on coastal properties, today announced that on February 1st, it closed on its acquisition of Platinum Partners (“Platinum”), a New England-based wholesale brokerage firm focused exclusively on the high net worth (“HNW”) personal lines marketplace. Terms of the transaction, which was originally announced in November 2015, were not disclosed. Orchid is a portfolio company of Gryphon Investors, a San Francisco-based middle market private equity firm.
The companies will work together to quickly re-brand Platinum with the Orchid brand by March 1, 2016.
All former employees of Platinum have now joined Orchid and have access to all Orchid markets, products and a wider selection of premier carriers, both on the HNW admitted side as well as on the E&S personal lines side. Orchid now has an admitted HNW solution, and has gained an E&S presence in an additional 15 states, bringing the total E&S footprint to 43 states. Orchid’s headquarters are in Vero Beach, FL, and the firm also has offices in West Atlantic City, NJ, and now Peabody, MA.
Founded in 1998 and based in Vero Beach, FL, Orchid specializes in providing specialty insurance products for homeowners and small businesses throughout the United States and the Caribbean. The Company’s comprehensive product offering provides customers with a single, comprehensive solution for homeowners’ and condominium property insurance, including wind and wind only, primary and excess flood, earthquake, builder’s risk and others. Orchid aims to be agents’ first choice by offering superior process, policy and pricing options, high quality system technologies, expertise in the E&S market with coastally-exposed risks, and extensive knowledge of coastal CAT-exposed market areas in the East and Gulf Coast states. Orchid only represents well-known A.M. Best A-rated or better insurance carriers and is a market leader with over $25 billion of insurance in-force. In November 2014, private equity firm Gryphon Investors made a majority investment in Orchid.
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