Orchid Insurance | March 01, 2022
Orchid Underwriters Agency, LLC (“Orchid”), a specialty underwriter of catastrophe-exposed property insurance, announced that its financial sponsors, led by TowerBrook Capital Partners L.P. (“TowerBrook”), an international investment management firm, have entered into a definitive agreement to sell the company to Brown & Brown, Inc. (“Brown & Brown”), an insurance brokerage firm. The sale comprises all of Orchid’s Managing General Underwriter (MGU) and wholesaling business, along with its High-Net-Worth segment and CrossCover Insurance Services, LLC (“CrossCover”). Financial terms of the transaction were not disclosed.
Established in 1998, Orchid is a leading administrator that represents insurance and reinsurance providers and partners with qualified independent retail brokers and select wholesale brokers. Orchid delivers proprietary and customized insurance solutions for homeowners in coastal zones and for high-net-worth customers. The Orchid management team partnered with industry veteran Scott Hanson to establish CrossCover, which provides Excess and Surplus (E&S) commercial property solutions for customers across the United States.
Orchid and CrossCover will be joining Brown & Brown’s National Programs segment. Orchid and CrossCover will continue to operate as independent entities within National Programs, including maintaining principal operations in Vero Beach and Tampa, Florida and Cypress, Texas.
“We are proud of what we have achieved at Orchid and the carrier support and confidence we earned in doing so. Brown & Brown recognized our continuing success and the value we have built. It is especially gratifying to know that our leadership group that made this possible will have the opportunity to continue growing Orchid and CrossCover as part of the Brown & Brown National Program segment.”
-John Lumelleau, Chairman of Orchid
Today’s announcement will help to further advance the company’s strategic growth initiatives that have been developed under the leadership of Chief Executive Officer Steve Carlsen, President & Chief Operating Officer Kathy Cody, Chief Financial Officer Michael Garamoni, Chief Underwriting Officer Ross Bowie, Chief Information Officer Carey Smith and in partnership with Scott Hanson, President of CrossCover.
Steve Carlsen added, “The announcement today is a function of the incredible work done by the Orchid team and its sponsors. We are grateful for the financial support and guidance from our partners at TowerBrook and for John Lumelleau’s counsel and mentorship. Orchid and CrossCover have ambitious plans, and we’re eager to join the team at Brown & Brown.”
“On behalf of TowerBrook, I would like to thank the entire leadership team at Orchid for their partnership over the past several years. It has been a pleasure working with them and we are grateful for the significant contributions made by Steve Carlsen and the rest of the management team in developing a number of initiatives that have grown Orchid’s business under our ownership, We believe Brown & Brown provides the right platform to foster Orchid’s continued success.”
-Jonathan Bilzin, Co-Chief Executive Officer of TowerBrook Capital Partners.
The transaction is anticipated to close by April 2022 and is subject to standard closing conditions.
About Orchid Insurance
Orchid is the largest personal lines E&S managing general underwriter, providing specialty homeowners insurance for coastal risks in the Gulf, Southeast, and Mid-Atlantic states. In partnership with CrossCover Insurance Services, Orchid also offers specialty commercial coverages to middle-market insureds. Orchid was founded in 1998 and is based in Vero Beach, FL.
TowerBrook Capital Partners
TowerBrook Capital Partners is a purpose-driven, transatlantic investment firm that works to grow and improve large and middle-market businesses by partnering with management teams and employees to build excellent companies that make a positive impact on society. Since inception in 2001, TowerBrook has raised a total of $18.7 billion and invested in more than 85 companies on both sides of the Atlantic. TowerBrook operates as a single, unified team of experienced investment professionals focused on unlocking value in complex situations. The firm’s highly synergistic family of funds make control and non-control investments across the capital structure, providing capital and resources to transform the capabilities and prospects of its portfolio companies.
AXA XL | January 10, 2022
AXA XL Insurance has promoted Maria Duhart to lead its Specialty Niche insurance business in the Americas. Ms. Duhart steps into the role of Chief Underwriting Officer for Specialty Niche from her previous role as head of AXA XL's Commercial Bonds business.
In her new role, Ms. Duhart reports to Donna Nadeau, Chief Underwriting Officer for the Americas and assumes multi-line underwriting management responsibility of AXA XL's collective Specialty Niche insurance lines in the Americas which includes Political Risk, Trade Credit and Commercial Bonds; War, Terrorism and Political Violence; Fine Art & Specie, Leisure and Entertainment and Structured Risk Solutions.
"Since joining us in 2017, Maria has led our Commercial Bond business, impressively growing this business and building a talented underwriting team. With more than 20 years of insurance, business strategy and finance experience, Maria is well prepared for her new responsibilities, already having a strong grasp of our specialty lines businesses and the respect of our brokers, reinsurers, and colleagues."
Before joining AXA XL, Ms. Duhart served as Head of Commercial Surety at Nationwide. She also previously held the roles of Regional Commercial Surety Manager, Assistant Vice President – Surety and Senior Surety Underwriting Specialist at Chubb. She is a graduate from the Catholic University of Argentina and holds a Master's in Business Administration from New York University.
Stampede Insurance | April 23, 2022
Stampede Insurance Services, an independent insurance agency based in Pasadena, CA, is happy to announce its new partnership with Bliss Drive. Bliss Drive is a well-known digital marketing company specializing in B2B inbound lead generation solutions. One of the key products offered by Stampede Insurance in Pasadena is general liability insurance. They want to point out that every business is exposed to the risk of accidents and injuries happening on the business premises. General liability insurance coverage can provide the protection needed by California businesses in case unexpected events happen where the business is forced to spend on legal fees.
California general liability insurance, along with your property and work comp policies, protects your business if you're sued for personal injury or property damage. A typical policy will cover those accidents or damages that occur on-site or as a result of using goods or services sold by the company. In addition, coverages can be designed to cover additional costs like attorney fees or court costs.”
Rene Rebollo, a spokesperson for Stampede Insurance Services.
Stampede Insurance agents can help clients in taking into account all aspects of the general liability insurance package in order for the client to have the most relevant policy available. These agents will help in customizing a particular plan that works for businesses in Pasadena, including the Long Beach, Los Angeles, Anaheim, San Bernardino, and Riverside areas. The company is also licensed to offer its services in Alabama, Arizona, California (#0H18184), Florida, Kansas, Kentucky, Louisiana, Mississippi, New Mexico, Nevada, Oklahoma, and Texas.
They can also provide contractors general liability insurance and other coverages that are essential for contractors, such as commercial auto coverage, business risk insurance, and insurance for tools and equipment. California contractors' insurance can be quite confusing at times, which is why their agents are always ready to assist clients during the process of choosing the proper coverage for a particular company.
Meanwhile, Bliss Drive believes that search engine optimization (SEO) is a key component of any successful online marketing strategy. If done correctly, SEO can help in significantly improving a website’s visibility when a potential customer searches for a particular keyword or phrase. And it is vital to maintain high rankings on the major search engines, or else the competition will eventually catch up and surpass the company’s position on the search engine pages. Bliss Drive crafts full-spectrum SEO campaigns after in-depth planning and research, and these are supported by real-world data. They combine proven methodologies and cutting-edge technology with their proprietary approaches for coming up with custom-fitted solutions that are based on the requirements of a particular company.
Pasadena’s population is just over 140,000, which means that businesses can take advantage of the diverse economy mixed with Pasadena’s small-city environment. Doing business in a smaller city means that your reputation is more important than ever. Word-of-mouth travels fast, and the key to securing loyal customers in the area is to establish yourself as a leader in your industry. This is why digital marketing is so important, as it helps spread the word about your business while allowing you to interact directly with your customers.”
Richard Fong, founder, and CEO of Bliss Drive, LLC.
Having started its operation in 2010, Stampede Insurance Services is capable of servicing clients throughout the nation and are licensed in many of the states. Each one of their clients is provided with a dedicated team of experts that work together to expertly all of the client’s concerns. They specialize in general liability, business owners policy, builders risk, bonds, contractors, commercial auto, commercial property, commercial umbrella, and workers compensation insurance and allow clients to save money on their business insurance. They also offer all kinds of personal insurance coverages to clients in all of their licensed states, including homeowners insurance, boat & watercraft insurance, auto insurance, motorcycle insurance, and flood insurance. They also provide condo insurance, earthquake insurance, landlord insurance, renters insurance, and manufactured / mobile home insurance.
Insurance Navy | April 18, 2022
Sedans are some of the best-selling used cars in the auto world. These cars asking prices, gas mileage, and longevity are appealing to drivers of all ages, even those who just got their drivers license. Being one of the best sellers of autos, sedans are also one of the most commonly insured cars. Insurance Navy, the fastest-growing car insurance broker in Illinois, handles car insurance policyholders with sedans regularly as well and has noticed some correlations in how much a sedan driver will pay for their car insurance coverage.
Some sedans are less to insure than others, There are certain vehicle makes and models that have better safety features and are more reliable in the long run. Another great thing we found out about insuring cars such as sedans is that repairs and parts cost less. Solid cars like these have lower auto insurance premiums than average."
Insurance Navy CEO Fadi Sneineh
Insurance Navy is a provider of non-standard auto insurance, selling products in over 30 storefronts, a call center, and online in Illinois, Indiana, Wisconsin, Texas, and California. In addition to auto insurance, the company sells other financial products and services, including homeowners insurance, renters insurance, and roadside assistance.
Insurance Navy provides non-standard car insurance to drivers for liability coverage that meets their state's minimum limits. Insurance Navy specializes in providing SR22 insurance, which is a certificate of financial responsibility for high-risk drivers. They also offer homeowners insurance, renters insurance, and roadside assistance to complement their auto insurance offerings.
Insurance Navy is dedicated to helping our customers connect with trusted companies to find the best and most cost-effective insurance policy. Regardless of your level of risk, Insurance Navy provides options for auto, home, and life policies that make being covered easy and affordable. Above all, Insurance Navy prides itself on high-tier customer service.