CrossCover enters E&S market | Insurance Business
CrossCover Insurance Services, a new managing general underwriter targeting middle-market commercial business, established in partnership with Orchid Underwriters Agency, has announced that it will begin writing middle-market, excess and surplus property this month.
CrossCover will offer limits up to $50 million per location through a panel of AM Best-rated carriers and reinsurers, the company said.
“We are excited to work with the carriers and reinsurers that have stepped forward to support CrossCover rather than sit on the sidelines in this hard market,” said Scott Hanson, founder and president of CrossCover. “We will leverage wind and earthquake capacity and write diverse E&S accounts across the nation to achieve spread-of-risk.
“This will reduce our carriers’ volatility and reinsurance costs and will improve their return on capital. To achieve this end, we have appointed wholesale broker teams that focus on non-catastrophe business, and CrossCover will use proprietary tools to monitor our portfolio on a real-time basis.”
Read more: Orchid Insurance launches new MGU in commercial property market
“We have enjoyed working with Scott to get CrossCover to this point,” said Steve Carlsen, CEO of Orchid Insurance. “The assembling of new capacity in current conditions is a testament to the regard the market has for Scott and his team. Orchid is pleased to have been able to offer new products to its carrier partners while also building new relationships with carriers unique to CrossCover. We are grateful for their trust and support. It has been an excellent start in a new partnership, and we’ll be excited to watch CrossCover grow.”