Orchid Underwriters Agency, LLC (Orchid Insurance), one of the largest independent managing general underwriters (MGUs) focused on catastrophe-exposed residential and commercial lines properties, has today announced the launch of a brand-new MGU called CrossCover Insurance Services (CrossCover).
The new MGU will underwrite middle-market commercial property risks for wholesale broker clients beginning early in 2021. It was formed in partnership with veteran property insurance executive Scott Hanson, former chief underwriting officer and chief capacity officer at AmRisc.
“Carriers now expect transparency of underwriting and accurate, timely portfolio metrics from MGUs,” said Hanson, president of CrossCover. “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 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.”
Brad Emmons, president and chief executive officer at Orchid Insurance, said both Orchid Insurance and CrossCover share a similar culture based on integrity, teamwork, and resiliency, which he described as critical in any relationship.
“Culture is a powerful indicator of success,” Emmons said. “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.”
