Reinsurance News

Coastal MGA Orchid announces new CEO and Chairman

28th March 2017 - Author: Staff Writer

Specialty underwriter Orchid announced the promotion of Brad Emmons to Chief Executive Officer and Steven Carlsen as new Board of Orchid Chairman succeeding retiree Ken LeStrange.

Emmons previously served as President of Orchid, and under his leadership, the firm reported more than doubling its size, expanding in geographic reach and product range.

Philip Petrocelli, an Operating Partner at Gryphon and an Orchid Director, commented on the appointment; “The Board is very pleased to announce Brad’s appointment as Chief Executive Officer.

“Under his skilled leadership and oversight, Orchid has achieved strong growth and financial performance and significantly enhanced its strategic market position.”

Throughout his tenureship as President, Emmons oversaw the company’s acquisition of Coastal Agents Alliance and Platinum Partners in addition to launching Orchid’s Commercial Lines, Admitted Homeowners product offerings, and supervising the strong growth of Orchid’s legacy business.

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Alex Earls, a Partner at Gryphon and an Orchid Director, paid tribute to outgoing CEO LeStrange; “On behalf of the Orchid Board of Directors and Gryphon Investors, I would like to thank Ken for his exceptional leadership and the many contributions he has made to Orchid’s strong performance.”

“Ken’s achievements in the industry are well known and his achievements at Orchid further enhance his stellar track record.”

Incoming CEO, Carlsen, co-founded Endurance Specialty Holdings with LeStrange.

He served Chief Operating Officer and Chief Underwriting Officer in addition to acting as Director of Orchid since 2014.

Earls welcomed Carlsen to his new role; “We are extremely fortunate to have Steve in place on the Orchid Board and appreciate his willingness to assume the responsibilities of Chairman.

“He brings a 38-year career in the insurance industry, much of it focused on underwriting and managing catastrophe exposures, and this deep expertise will be a great asset to Orchid.”

Orchid works as an MGA bringing coastal wind related property risks to a range of capacity providing insurers and reinsurers.

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