Gryphon Investors portfolio firm Orchid Underwriters has entered into an agreement to acquire wholesale brokerage firm Platinum Partners Insurance Services.
Terms of the deal have not been disclosed.
The deal will allow Orchid to enter into 15 new states in the US, expanding the firm’s operations to 43 states.
As part of the agreement, Platinum employees will join Orchid and its president Tim deRosa will be included in the senior management team.
Based in New England, Platinum Partners provides risk management solutions to independent insurance agents and their high net worth customers.
The firm’s core admitted insurance products comprise of homeowners, personal umbrellas with limits up to $100m, collections and automobile, including collector, exotic and high performance.
It also offers watercraft, aviation, and other specialty high net worth products.
Orchid Underwriters president Brad Emmons said: "The HNW segment is a key part of Orchid’s long-term strategic plan, given the recent industry consolidation and current product footprint.
"Tim’s entrepreneurial drive, expertise and experience in the segment is a true differentiator that will add value to Orchid’s market position."
The deal is expected to be completed in January next year, according to Orchid.
Orchid provides specialty insurance products for homeowners and small businesses across the US and the Caribbean.
Image: Orchid Underwriters to acquire New England-based wholesale brokerage firm Platinum Partners. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.