VERO BEACH, Fla.–(BUSINESS WIRE)–Orchid Underwriters Company, LLC (“Orchid”), a specialty underwriter of catastrophe-exposed property insurance coverage, introduced right this moment that its monetary sponsors, led by TowerBrook Capital Companions L.P. (“TowerBrook”), a world funding administration agency, have entered right into a definitive settlement to promote the corporate to Brown & Brown, Inc. (“Brown & Brown”), an insurance coverage brokerage agency. The sale contains all of Orchid’s Managing Basic Underwriter (MGU) and wholesaling enterprise, together with its Excessive-Web-Price phase and CrossCover Insurance coverage Companies, LLC (“CrossCover”). Monetary phrases of the transaction weren’t disclosed.

Established in 1998, Orchid is a number one administrator that represents insurance coverage and reinsurance suppliers and companions with certified unbiased retail brokers and choose wholesale brokers. Orchid delivers proprietary and customised insurance coverage options for owners in coastal zones and for high-net-worth prospects. The Orchid administration crew partnered with business veteran Scott Hanson to determine CrossCover, which offers Extra and Surplus (E&S) industrial property options for patrons throughout the US.

Orchid and CrossCover will likely be becoming a member of Brown & Brown’s Nationwide Packages phase. Orchid and CrossCover will proceed to function as unbiased entities inside Nationwide Packages, together with sustaining principal operations in Vero Seaside and Tampa, Florida and Cypress, Texas.

John Lumelleau, Chairman of Orchid, acknowledged, “We’re happy with what now we have achieved at Orchid and the service assist and confidence we earned in doing so. Brown & Brown acknowledged our persevering with success and the worth now we have constructed. It’s particularly gratifying to know that our management group that made this doable could have the chance to proceed rising Orchid and CrossCover as a part of the Brown & Brown Nationwide Program phase.”

At this time’s announcement will assist to additional advance the corporate’s strategic development initiatives which were developed below the management of Chief Govt Officer Steve Carlsen, President & Chief Working Officer Kathy Cody, Chief Monetary Officer Michael Garamoni, Chief Underwriting Officer Ross Bowie, Chief Info Officer Carey Smith and in partnership with Scott Hanson, President of CrossCover.

Steve Carlsen added, “The announcement right this moment is a operate of the unbelievable work completed by the Orchid crew and its sponsors. We’re grateful for the monetary assist and steering from our companions at TowerBrook and for John Lumelleau’s counsel and mentorship. Orchid and CrossCover have formidable plans, and we’re keen to hitch the crew at Brown & Brown.”

“On behalf of TowerBrook, I wish to thank all the management crew at Orchid for his or her partnership over the previous a number of years. It has been a pleasure working with them and we’re grateful for the numerous contributions made by Steve Carlsen and the remainder of the administration crew in growing a lot of initiatives which have grown Orchid’s enterprise below our possession,” mentioned Jonathan Bilzin, Co-Chief Govt Officer of TowerBrook Capital Companions. “We consider Brown & Brown offers the best platform to foster Orchid’s continued success.”

The transaction is anticipated to shut by April 2022 and is topic to straightforward closing situations.

About Orchid Insurance coverage

Orchid is the biggest private traces E&S managing normal underwriter, offering specialty owners insurance coverage for coastal dangers within the Gulf, Southeast, and Mid-Atlantic states. In partnership with CrossCover Insurance coverage Companies, Orchid additionally provides specialty industrial coverages to middle-market insureds. Orchid was based in 1998 and relies in Vero Seaside, FL.

TowerBrook Capital Companions

TowerBrook Capital Companions is a purpose-driven, transatlantic funding agency that works to develop and enhance massive and middle-market companies by partnering with administration groups and workers to construct glorious firms that make a constructive influence on society. Since inception in 2001, TowerBrook has raised a complete of $18.7 billion and invested in additional than 85 firms on either side of the Atlantic. TowerBrook operates as a single, unified crew of skilled funding professionals centered on unlocking worth in complicated conditions. The agency’s extremely synergistic household of funds make management and non-control investments throughout the capital construction, offering capital and assets to remodel the capabilities and prospects of its portfolio firms.

As a disciplined investor with a dedication to basic worth, TowerBrook seeks to ship superior, risk-adjusted returns to traders on a constant and accountable foundation. TowerBrook is the primary mainstream non-public fairness agency to be licensed as a B Company. B Company certification is run by the non-profit B Lab organisation and is awarded to firms that reveal management of their dedication to environmental, social and governance (ESG) requirements and accountable enterprise practices. For extra data, please go to www.towerbrook.com.