Orchid Launches Admitted Product with Spinnaker Insurance Company
Orchid Launches Admitted Product with A.M. Best-Rated Carrier Spinnaker Insurance Company
Vero Beach, FL – February 14, 2017 – Orchid Underwriters Agency, LLC (“Orchid”), a leading specialty underwriter of excess & surplus (“E&S”) insurance focusing on coastal properties, announced that it will launch admitted residential homeowners’ products through a new partnership with Spinnaker Insurance Company (“Spinnaker”), a national property and casualty insurer rated A- by A.M. Best Company. Orchid’s new rollout distinguishes the organization from its competitors as it is now one of the few managing general agents to offer both E&S and admitted products with an A.M. Best A rating.
Orchid will roll out its new admitted product line in Alabama in early March, and will strategically expand into the rest of its footprint throughout 2017. The admitted homeowners’ products offered with Spinnaker give coastal policy holders another alternative to the surplus lines market. Customers will be able to purchase affordable, high quality policies in areas traditionally underserved by A.M. Best A-rated carriers.
Orchid’s President, Brad Emmons, explained his company’s strategy for going after this market: “I am excited about this new Spinnaker partnership as the Alabama product launch represents the first step in a multi-state strategy of diversifying our product suite by adding admitted homeowner solutions on our proprietary platform. This will also strengthen our value proposition with existing retail partners that are in need of A- Best-rated homeowner companies writing in coastal areas.”
“The Orchid team has a long track record of providing excellent service and underwriting expertise. We are pleased to be able to leverage their platform and experience in Alabama and beyond,” said Spinnaker Chief Executive David Ingrey.
Spinnaker and Orchid will start by introducing the new product to Orchid’s existing agent base.
Founded in 1998 and based in Vero Beach, FL, Orchid (orchidinsurance.com) 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. In November 2014, private equity firm Gryphon Investors made a majority investment in Orchid.
Spinnaker Insurance Company is a national property and casualty insurer rated A- by A.M. Best Company. Spinnaker provides high quality security to policyholders in underserved insurance markets. With the capacity to offer Admitted insurance products in 45 states and jurisdictions, Spinnaker utilizes program administrators and managing general agents to access niche markets, focusing on short-tail business (with an emphasis on homeowners, renters, and small commercial) and certain specialty lines. Learn more at www.spinnakerins.com.
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