Orchid Insurance launches new MGU in commercial property market

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 Hansen, former chief underwriting officer and chief capacity officer at AmRisc. “Carriers now expect transparency of underwriting and accurate, timely portfolio metrics from MGUs,” said Hansen, 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.