Orange Insurance Exchange, a reciprocal insurer, has announced its formation and launch in the Florida property insurance market.
The company is headed by Chief Executive Officer, Don Matz, an insurance industry veteran who was previously the CEO of Producer’s National Corporation, as well as the President of Tower Hill Insurance Group, where he spent 20 years developing deep expertise in coastal property insurance underwriting.
Moreover, Orange has received its Certificate of Authority from the Florida Office of Insurance Regulation.
The company enters the Florida insurance market with the mission of “providing a new alternative for property insurance policyholders.”
The formation of the company follows on from a challenging period of increased loss activity and excessive litigation in Florida, which created a “severely dislocated” insurance marketplace.
Following reforms enacted by the State of Florida, Orange is aiming to provide new insurance coverage options to policyholders, managed by industry-leading talent.
It has also been confirmed that Orange will be supported by its attorney-in-fact, Orange Insurance Managers, and affiliated managing general agency and claims services companies, Inness Insurance Managers and Inness Claims Services.
These businesses will provide marketing, underwriting, policy administration and claims handling services to Orange.
Orange and its affiliates were founded by majority investor Griffin Highline Capital in collaboration with strategic partner Cabrillo Coastal General Agency and its CEO Michael McNitt.
Willkie Farr & Gallagher LLP and Meenan P.A. also provided legal advice.
Don Matz, CEO of Orange, commented: “The Florida market is currently underserved, and we can meet that need at Orange. The combination of our veteran team and our partnership with Griffin Highline provides a strong foundation. We are excited for the road ahead.”
Michael Doak, Managing Partner of Griffin Highline, added: “We are eager to bring alternative property insurance options to Florida. We believe there is a compelling opportunity for a new market entrant and are delighted to work with Don and Michael— both of whom we have admired for decades—once again.”
