Gryphon Holdings has entered into an agreement to acquire PrimeOne Insurance Company, a privately held specialty commercial lines carrier.
PrimeOne will operate as a core underwriting platform under the Gryphon umbrella. With PrimeOne, Gryphon’s integrated platform will include:
- MGA incubation
- Third-party administrator services
- Asset management
- Insurance and reinsurance capacity
The deal is expected to close in the first quarter and is subject to customary regulatory approvals.
Gryphon is financed by Phoenix Merchant Partners. The company’s platform is designed to provide access to insurance and reinsurance capacity and investment opportunities across specialty markets.
PrimeOne is a specialty property/casualty insurer supporting program administrators and managing general agents in niche markets. PrimeOne is domiciled in Texas and headquartered in Scottsdale, Arizona. PrimeOne is licensed and admitted in Arizona, Michigan, Nevada, Texas and Utah. The company is reinsured by Swiss Re.
Topics
Mergers & Acquisitions
Carriers
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.