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International investment management firm TowerBrook Capital Partners has acquired Orchid Underwriters Agency from private equity firm Gryphon Investors.
Terms of the transaction were not disclosed.
According to a release, Orchid president and CEO Brad Emmons will continue to lead the team following the acquisition, working alongside TowerBrook. Gryphon will also maintain an equity position in Orchid.
“We are thrilled to partner with TowerBrook and look forward to benefiting from its deep operational experience and strong network in the insurance industry,” commented Emmons.
“We have made significant strategic advancements under Gryphon’s ownership, and we now expect TowerBrook’s investment and guidance to further support future development as we continue to grow the platform organically through geographic and product expansion and pursue potential acquisitions. We look forward to the opportunities ahead as we work together to deliver greater value for our partner agents, carriers, and talented employees,” Emmons added.
Orchid Underwriters is a specialty underwriter of catastrophe exposed property insurance based in Vero Beach, FL. The managing general underwriter was founded in 1998 and offers specialty P&C insurance products to homeowners, high net worth individuals, and small businesses in both the US and the Caribbean. The MGU also provides proprietary insurance solutions for “hard-to-place” risks to its network of retail agents and other distribution partners.
