Orchid Underwriters Agency has launched a new MGU, dubbed CrossCover Insurance Services, in the commercial property market.

CrossCoveris set to underwrite middle-market commercial properties for wholesale broker clients from the beginning of next year.

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Orchid formed the new MGU in partnership with veteran property insurance executive Scott Hanson who served as a chief underwriting officer and chief capacity officer at AmRisc.

CrossCover president Scott Hanson said: “Carriers now expect transparency of underwriting and accurate, timely portfolio metrics from MGUs. Orchid will provide us this with its existing portfolio tools and cutting-edge infrastructure.

“We believe that the current market loss results reflect an excessive focus on CAT-driven accounts, at the exclusion of other profitable E&S business, as well as an over-dependency on CAT modelling results.

“We are hiring occupancy class experts to write both non-CAT as well as CAT accounts that consider modelling results in combination with their class expertise, and knowledge of the risk. In this way, we not only expect to deliver a diverse portfolio, but also achieve top-in-class loss results.”

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Orchid Insurance president and CEO Brad Emmons said: “Culture is a powerful indicator of success. Because both Orchid and CrossCover share a common purpose, vision, and values, I could not be more excited about establishing a relationship that I believe will ensure mutual performance and prosperity.”

Founded in 1998, Orchid Insurance offers specialty insurance products for homeowners and businesses throughout the US, the Bahamas, and the Caribbean.