Independent MGU Orchid Underwriters Agency has launched a new MGU that will underwrite middle-market commercial properties for wholesale broker clients beginning early next year.
CrossCover Insurance Services was formed in partnership with Scott Hanson, the former Chief Underwriting Officer at AmRisc.
Hanson now serves as President of CrossCover.
“Carriers now expect transparency of underwriting and accurate, timely portfolio metrics from MGUs,” said Hanson.
“Orchid will provide us 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 modeling results.
“We are hiring occupancy class experts to write both non-CAT as well as CAT accounts that consider modeling 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.”
“Culture is a powerful indicator of success,” said Brad Emmons, President and Chief Executive Officer at Orchid Insurance.
“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.”