Orchid Underwriters Agency LLC, a Vero Beach, Florida-based managing general agent providing excess & surplus (E&S) insurance for coastal properties, announced that it has acquired Coastal Agents Alliance, a managing general agent in West Atlantic City, New Jersey. Terms of the transaction were not disclosed.
Coastal Agents Alliance specializes in catastrophic coastal exposed E&S homeowners’ insurance and currently writes in the Northeast and Mid-Atlantic.
Orchid Underwriters Agency said this acquisition is an important step in Orchid’s growth and geographic expansion and that the transaction would help expand Orchid’s reach into the Northeast markets.
Tim Byrne will remain president of Coastal Agents Alliance and will have a significant ownership stake in Orchid, the announcement said. Byrne will also serve in a senior executive capacity for Orchid. All other members of Coastal Agents Alliance’s management team will remain with the firm, which will continue to be based in West Atlantic City.
Founded in 1998, Orchid Underwriters Agency specializes in providing specialty insurance products for homeowners and other difficult-to-insure properties throughout the U.S. and the Caribbean. Its product offering include homeowners and condominium property insurance, including umbrella policies, wind and wind only, general and excess flood, earthquake, builder’s risk and others.
Orchid Underwriters Agency does business in 27 states, the Bahamas and the Caribbean. Orchid was acquired by Gryphon Investors, a San Francisco-based middle market private equity firm, in November 2014.
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