Expands Footprint into 43 States, Adds Specialty High Net Worth Products to Existing PlatformVero Beach, FL – November 17, 2015 —
Orchid Underwriters (“Orchid”), a leading specialty underwriter of excess & surplus (“E&S”) insurance focusing on coastal properties, today announced that it has signed a definitive agreement to acquire Platinum Partners (“Platinum”), a New England-based wholesale brokerage firm focused exclusively on the high net worth (“HNW”) personal lines marketplace. The transaction is expected to close in January 2016. Terms of the agreement were not disclosed. Orchid is a portfolio company of Gryphon Investors, a San Francisco-based middle market private equity firm.
Platinum focuses on providing sophisticated and cost-effective risk management solutions to independent insurance agents and their high net worth clients. With this acquisition, Orchid will expand into 15 new states, extending the firm’s footprint into 43 states. Orchid will now have an office in Peabody, MA in addition to its headquarters in Vero Beach, FL and an office in West Atlantic City, NJ.
Platinum’s employees will join Orchid, and Platinum President Tim deRosa will become a member of Orchid’s senior management.
The acquisition of Platinum expands Orchid’s reach into the New England distribution network as well as the $50B+ HNW market, which includes high value homes, valuable articles (fine arts, jewelry, wine), personal umbrellas, automobiles (collector’s cars, high performance driving events), watercraft, aviation, and other specialty products.
“The HNW segment is a key part of Orchid’s long-term strategic plan, given the recent industry consolidation and current product footprint. We are excited to join forces with Platinum and the management team led by Tim deRosa,” said Orchid President Brad Emmons. “Tim’s entrepreneurial drive, expertise and experience in the segment is a true differentiator that will add value to Orchid’s market position. We look forward to his future contributions as we build out our business.”
Mr. deRosa commented, “I am excited for this evolution in Platinum’s business strategy. We value the opportunity to work with the Orchid team to enhance the Company’s market leadership position throughout the United States and beyond.”
Brad Emmons further added, “Platinum’s product, distribution and core competency are all complementary to the Orchid family and will provide our agents not only best-in-market technology but significant opportunities to cross sell HNW and E&S policies.”
About Platinum Partners
Platinum Partners Insurance Services, Inc. is a New England-based wholesale brokerage that provides independent insurance agents with access to the high net worth market, in both the admitted and non-admitted spaces, in the United States and abroad. Platinum’s core admitted insurance products include homeowners, personal umbrellas (limits up to $100m), collections, automobile (collector, exotic and high performance), watercraft, aviation, and other specialty high net worth products. Tim deRosa has served as the President of Platinum Partners since 2007. The company was founded in 2002 by Conway Felton and Richard Berlin.
Founded in 1998 and based in Vero Beach, FL, Orchid specializes in providing specialty insurance products for homeowners and small businesses throughout the United States and the Caribbean. The Company’s comprehensive product offering provides customers with a single, comprehensive solution for homeowners and condominium property insurance, including wind and wind only, general and excess flood, earthquake, builder’s risk and others. Orchid aims to be agents’ first choice by offering superior process, policy and pricing options, high quality system technologies, expertise in the E&S market with coastally-exposed risks; and extensive knowledge of coastal CAT-exposed market areas in the East and Gulf Coast states. Orchid only represents well-known A.M. Best A-rated insurance carriers and is a market leader with over $25 billion of insurance in-force. In November 2014, private equity firm Gryphon Investors made a majority investment in Orchid.
About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity (“PE”) firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. With approximately $1.8 billion of cumulative equity commitments, the firm has an extensive track record of leading equity investments of $35 million to $150 million per portfolio company with sales ranging from approximately $50 million to $500 million. Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.
- Junie Lopez
- Director, Marketing and Communications