Orchid Insurance Announces New Partnership with Specialty Lines Startup CrossCover
VERO BEACH. FL. – June 15, 2020 – Orchid Underwriters Agency, LLC (“Orchid Insurance”), among the largest independent managing general underwriters focusing on catastrophe-exposed residential and commercial lines properties, launched CrossCover Insurance Services (“CrossCover”). Formed in partnership with Scott Hanson, a veteran property insurance executive, CrossCover is a new MGU that will underwrite middle-market commercial properties for wholesale broker clients beginning early next year, announced Brad Emmons, President and Chief Executive Officer at Orchid Insurance.
Scott Hanson, President of CrossCover, who most recently held dual responsibilities as Chief Underwriting Officer and Chief Capacity Officer at AmRisc said, “Carriers now expect transparency of underwriting and accurate, timely portfolio metrics from MGUs. Orchid will provide us this with its existing portfolio tools and cutting-edge infrastructure. We believe that the current market loss results reflect an excessive focus on CAT-driven accounts, at the exclusion of other profitable E&S business, as well as an over-dependency on CAT modeling results. We are hiring occupancy class experts to write both non-CAT as well as CAT accounts that consider modeling results in combination with their class expertise, and knowledge of the risk. In this way, we not only expect to deliver a diverse portfolio, but also achieve top-in-class loss results.”
Emmons said both Orchid Insurance and CrossCover Insurance share a similar culture based on integrity, teamwork, and resiliency, which is critical in any relationship.
“Culture is a powerful indicator of success,” said Emmons. “Because both Orchid and CrossCover share a common purpose, vision, and values, I could not be more excited about establishing a relationship that I believe will ensure mutual performance and prosperity.”
Founded in 1998 and based in Vero Beach, FL, Orchid Insurance (orchidinsurance.com) provides specialty insurance products for homeowners and businesses throughout the United States, the Bahamas, and the Caribbean. A variety of products offer customers a single, comprehensive solution for both personal and commercial property insurance including Wind and Wind-Only, General Liability, Primary and Excess Flood, Earthquake, Builder’s Risk, and others. Orchid Insurance is a First Choice of agents who value superior process, policy and pricing options, high-quality system technologies, expertise in the E&S market with coastal-exposed risks, and extensive knowledge of coastal CAT-exposed market areas in the East and Gulf Coast states. Orchid Insurance only represents well-known A.M. Best Rated carriers. In 2018 private equity group TowerBrook Capital Partners made a majority investment in Orchid.
TowerBrook Capital Partners L.P., an international investment management firm with more than $12.4 billion assets under management, is based in New York and London. The firm focuses on investing in North American and European companies through private equity and structured opportunities strategies, allowing it to access a range of opportunities throughout the cycle. TowerBrook’s private equity strategy primarily pursues control-oriented investments in large and mid-market companies, principally on a proprietary basis and often in situations characterized by complexity. TowerBrook’s structured opportunities strategy leverages the firm’s expertise to invest in opportunities that fall outside the investment parameters of its private equity strategy including structured equity and structured assets. www.towerbrook.com.