Brown & Brown entered into an agreement to buy Orchid Underwriters Agency and CrossCover Insurance Services.
Brown & Brown said the deal is expected to close before April, subject to certain closing conditions. Terms of the acquisition were not announced.
Orchid was established in 1998 and is a leading program administrator, Brown & Brown stated, representing best-in-class insurance and reinsurance providers and partnering with qualified independent retail brokers and select wholesale brokers.
Orchid delivers proprietary and customized insurance solutions for homeowners in coastal zones and high net worth customers.
The Orchid management team partnered with industry veteran Scott Hanson to launch CrossCover. CrossCover provides E&S commercial property solutions for customers across the U.S.
“It is exciting to welcome the collective experience of the leadership of Orchid and CrossCover to our team,” Brown & Brown’s Chris Walker said. “We understand the challenge of providing innovative risk solutions for retail brokers that fit within the appetite of our carrier and reinsurance partners. We are confident that we share the same culture of team success that has enabled Orchid and CrossCover to succeed and look forward to the innovation and experience they bring to our organization.”
Orchid will continue to operate under the leadership of Steve Carlsen, Kathy Cody and Ross Bowie, Brown & Brown stated, from offices in Vero Beach and Tampa, Florida. CrossCover will continue to operate under the direction of Hanson from offices in Cypress, Texas.
Orchid and CrossCover will report to Chris Walker, Brown & Brown president of national programs, the company stated.
“We are excited to be joining the Brown & Brown team,” Carlsen said. “From our first meetings, we recognized a firm that shared our commitment to our employees, insureds, producers and carrier partners. We are confident that our affiliation with national programs will help us strengthen and expand our carrier relationships, leading to more capacity and options for our insureds and producers. We are eager to bring all of national program’s resources to bear on our businesses.”
