CrossCover Insurance Services will be engaged in underwriting middle-market commercial properties for wholesale broker clients
US-based Orchid Underwriters Agency (Orchid Insurance) has joined forces with Scott Hanson, a veteran property insurance executive, to launch a new managing general underwriter (MGU) called CrossCover Insurance Services.
The new MGU will be engaged in underwriting middle-market commercial properties for wholesale broker clients starting from early 2021.
CrossCover Insurance Services will be provided existing portfolio tools and infrastructure from Orchid Insurance.
Scott Hanson, who recently was chief underwriting officer and chief capacity officer at insurance firm AmRisc, has been named as president of CrossCover Insurance Services.
Hanson said: “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.”
Orchid Insurance CEO comments on CrossCover Insurance Services
According to Brad Emmons, president and CEO of Orchid Insurance, CrossCover Insurance Services shares a similar culture with his company based on integrity, teamwork, and also resiliency.
Emmons said: “Culture is a powerful indicator of success. 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.”
Based in Florida, Orchid Insurance has been offering specialty insurance products for homeowners and businesses across the US, the Bahamas, and the Caribbean.
The company, which is a managing general underwriter focused on catastrophe-exposed residential and commercial lines properties, is backed by private equity group TowerBrook Capital Partners in the form of a majority stakeholder.