The financial backers of Orchid Underwriters Agency, a specialty underwriter of catastrophe-exposed property insurance, led by TowerBrook Capital Partners are to sell the company to Brown & Brown, an insurance brokerage firm.
The sale comprises all of Orchid’s Managing General Underwriter (MGU) and wholesaling business, along with its High-Net-Worth segment and CrossCover Insurance Services, LLC (CrossCover).
Financial terms of the transaction, which is expected to close by April 2022 and is subject to standard closing conditions, have not been disclosed.
