The agreement was announced just before Thanksgiving
Specialty excess & surplus underwriter Orchid Underwriters has announced its acquisition of New England’s Platinum Partners. Founded in 1998 in Vero Beach, Florida, Orchid Underwriters provides specialty insurance products for homeowners and small businesses throughout the U.S. and Caribbean. In November 2014, it became a portfolio company of San Francisco-based Gryphon Investors. Based in Peabody, Platinum Partners is a wholesale brokerage firm focused on the high net worth personal lines marketplace. The company provides access to independent insurance agents in the high net worth market through domestic and foreign carriers on both an admitted and non-admitted basis. The company, founded in 2002 by Conway Felton and Richard Berlin has been led by Tim deRosa, as President, since 2007.
According to an Orchid Underwriter’s announcement, a definitive agreement has been signed with the transaction expected to close in January of 2016. Platinum employees will join the Orchid Underwriters team with Platinum President Tim deRosa becoming a member of Orchid’s senior management. With the acquisition of Platinum Partners, Orchid has established a firm base in which to further expand into the $50 billion plus New England high net worth marketplace.
“The high net worth 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 high net worth and excess & surplus policies.”