Global insurance brokerage Brown & Brown has entered into an agreement to acquire Orchid Underwriters Agency and CrossCover Insurance Services.
Established in 1998, Orchid is a specialty underwriter of catastrophe-exposed property insurance for homeowners in coastal zones and for high net worth customers.
The Orchid management team partnered with industry veteran, Scott Hanson, to establish CrossCover, which provides E&S commercial property solutions for customers across the US.
Following the acquisition by Brown & Brown, Orchid will continue to operate under the leadership of Steve Carlsen, Kathy Cody and Ross Bowie from offices in Vero Beach and Tampa, Florida.
CrossCover, meanwhile, will continue to operate under the direction of Scott Hanson from offices in Cypress, Texas.
Both Orchid and CrossCover will report to Chris Walker, president of National Programs.
“It is exciting to welcome the collective experience of the leadership of Orchid and CrossCover to our team,” said Walker. “We understand the challenge of providing innovative risk solutions for retail brokers that fit within the appetite of our carrier and reinsurance partners.
“We are confident that we share the same culture of team success that has enabled Orchid and CrossCover to succeed and look forward to the innovation and experience they bring to our organization,” he added.
Carlsen also commented: “We are excited to be joining the Brown & Brown team. From our first meetings, we recognized a firm that shared our commitment to our employees, insureds, producers and carrier partners.”
“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 transaction is expected to close before April 2022, subject to certain closing conditions.