Orchid Underwriters, a Vero Beach, Florida-based managing general agent providing excess & surplus (E&S) insurance for coastal properties, has signed a definitive agreement to acquire Platinum Partners, a Peabody, Massachusetts-based wholesale brokerage focused on the high net worth personal lines marketplace.
The transaction is expected to close in January 2016. Terms of the agreement were not disclosed. Orchid Underwriters is a portfolio company of Gryphon Investors, a San Francisco-based middle market private equity firm.
Founded in 2002, Platinum Partners provides independent insurance agents with access to the high net worth market, in both the admitted and non-admitted spaces. The transaction expands Orchid Underwriters’ reach into the New England distribution network as well as the high net worth market, which includes high value homes, valuable articles (fine arts, jewelry, wine), personal umbrellas, automobiles (collector’s cars, high performance driving events), watercraft, aviation, and other specialty products.
With this acquisition, Orchid Underwriters will expand into 15 new states, extending the firm’s footprint into 43 states, the announcement said. Orchid Underwriters will now have an office in Peabody, Massachusetts, in addition to its headquarters in Vero Beach, Florida, and an office in West Atlantic City, New Jersey.
Platinum Partners’ employees will join Orchid Underwriters, and Platinum Partners President Tim deRosa will become a member of Orchid Underwriters’ senior management.
Founded in 1998, Orchid Underwriters provides specialty insurance products for homeowners and small businesses in the U.S. and the Caribbean. The firm provides homeowners and condominium property insurance, including wind and wind only, general and excess flood, earthquake and builder’s risk insurance.
Was this article valuable?
Here are more articles you may enjoy.