Property cat MGU launches new specialty lines start-up
US property catastrophe managing general underwriters Orchid Underwriters Agency (Orchid Insurance) has launched a specialty lines start-up, called CrossCover Insurance Services.
The new MGU is formed in partnership with Scott Hanson, a veteran property insurance executive. It will underwrite middle-market commercial properties for wholesale brokers beginning early next year.
Hanson, president of CrossCover, who most recently held dual responsibilities as chief underwriting officer and chief capacity officer at AmRisc said: “Carriers now expect transparency of underwriting and accurate, timely portfolio metrics from MGUs. 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. We are hiring occupancy class experts to write both non-CAT as well as CAT accounts that consider modeling results in combination with their class expertise, and knowledge of the risk. In this way, we not only expect to deliver a diverse portfolio, but also achieve top-in-class loss results.”
Brad Emmons, president and chief executive officer at Orchid Insurance, said: “Culture is a powerful indicator of success,” said Emmons. “Because both Orchid and CrossCover share a common purpose, vision, and values, I could not be more excited about establishing a relationship that I believe will ensure mutual performance and prosperity.”
