American insurance broker Brown & Brown has brokered a deal to acquire Orchid Underwriters Agency (Orchid) and CrossCover Insurance Services (CrossCover).
Founded in 1998, Orchid offers proprietary and customised insurance solutions to affluent clients and customers living in coastal areas.
Building on the experience of Orchid, its management team joined forces with Scott Hanson to set up CrossCover, which offers E&S commercial property solutions for customers across the US.
As per the agreement, Steve Carlsen, Kathy Cody and Ross Bowie will continue to operate Orchid from offices in Vero Beach and Tampa, Florida.
Scott Hanson will continue to lead CrossCover from offices in Cypress, Texas. The firms will report to National Programs president Chris Walker.
Walker said: “It is exciting to welcome the collective experience of the leadership of Orchid and CrossCover to our team. We understand the challenge of providing innovative risk solutions for retail brokers that fit within the appetite of our carrier and reinsurance partners.”
Carlsen stated: “We are excited to be joining the Brown & Brown team. We are confident that our affiliation with National Programs will help us strengthen and expand our carrier relationships, leading to more capacity and options for our insureds and producers. We are eager to bring all of National Program’s resources to bear on our businesses.”
The deal is subject to regulatory approval and is expected to close before next month.
In December 2021, Brown & Brown bought a full-service retail insurance agency, Corporate Insurance Advisors.