Orchid Underwriters Agency, LLC, an independent managing general underwriters focused on catastrophe-exposed residential and commercial lines properties, has launched CrossCover Insurance Services, a new MGU that will underwrite middle-market commercial properties for wholesale broker clients.
Formed in partnership with Scott Hanson, a veteran property insurance executive, CrossCover is a new MGU set to launch early next year, according to Brad Emmons, Orchid Insurance president and CEO. Hanson serves as president of CrossCover and most recently held dual responsibilities as chief underwriting officer and chief capacity officer at AmRisc.
According to Hanson, Orchid will enable CrossCover to provide underwriting transparency and accurate, timely portfolio metrics through its existing portfolio tools and 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, Hanson said. “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.”
Hanson said in doing so CrossCover will deliver a diverse portfolio and better loss results.
Founded in 1998 and based in Vero Beach, FL, Orchid Insurance provides specialty insurance products for homeowners and businesses throughout the United States, the Bahamas, and the Caribbean. Personal and commercial property insurance products are available including wind and wind-only, general liability, primary and excess flood, earthquake, builder’s risk, and others. Orchid Insurance has expertise in the E&S market with coastal-exposed risks and coastal CAT-exposed market areas in the East and Gulf Coast states. In 2018 private equity group TowerBrook Capital Partners made a majority investment in Orchid.
TowerBrook Capital Partners L.P. is 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.
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