Gryphon Investors portfolio firm Orchid Underwriters has completed the acquisition of US-based wholesale brokerage firm Platinum Partners.
Terms of the deal, which was announced in last November, have not been disclosed.
Based in New England, Platinum offers risk management solutions to independent insurance agents and their high net worth clients.
Under the deal, all former employees of Platinum have joined Orchid, which will be provided with access to all the firm’s markets and products.
The deal allows Orchid to provide excess and surplus (E&S) insurance products in new 15 new US states, expanding the firm’s insurance operations to 43 states.
Platinum offers core admitted insurance products, comprising of homeowners, personal umbrellas with limits up to $100m, collections and automobile, including collector, exotic and high performance.
In addition, it provides watercraft, aviation, and other specialty high net worth products.
At the time of acquisition, Orchid Underwriters president Brad Emmons said: "The HNW segment is a key part of Orchid’s long-term strategic plan, given the recent industry consolidation and current product footprint."
Established in 1998, Orchid offers specialty insurance products for homeowners and small business across the US and the Caribbean.
Image: Orchid Underwriters has acquired New England-based wholesale brokerage firm Platinum Partners. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.