Orchid Underwriters Agency has launched a new MGU, dubbed CrossCover Insurance Services, in the commercial property market.
CrossCoveris set to underwrite middle-market commercial properties for wholesale broker clients from the beginning of next year.
Go deeper with GlobalData
Orchid formed the new MGU in partnership with veteran property insurance executive Scott Hanson who served as a chief underwriting officer and chief capacity officer at AmRisc.
CrossCover president Scott Hanson said: “Carriers now expect transparency of underwriting and accurate, timely portfolio metrics from MGUs. Orchid will provide us this with its existing portfolio tools and cutting-edge 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 modelling results.
“We are hiring occupancy class experts to write both non-CAT as well as CAT accounts that consider modelling 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.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataOrchid Insurance president and CEO Brad 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.”
Founded in 1998, Orchid Insurance offers specialty insurance products for homeowners and businesses throughout the US, the Bahamas, and the Caribbean.
