Gryphon Holdings Agrees to Acquire PrimeOne Insurance Company

Business Wire

Strategic Acquisition Expands Gryphon’s Comprehensive Platform for Investors and the Insurance Market

FORSYTH, Ga.--(BUSINESS WIRE)--
Gryphon Holdings LLC (“Gryphon”), a leading innovator in insurance and financial services solutions, today announced that it has entered into a definitive agreement to acquire PrimeOne Insurance Company (“PrimeOne”), a privately held specialty commercial lines carrier. Terms of the transaction were not disclosed.

PrimeOne is a specialty property and casualty insurer supporting program administrators and managing general agents in select niche markets. The company emphasizes disciplined underwriting, strong reinsurance partnerships, conservative capital management, and robust enterprise risk management and governance practices.

This transaction represents a significant step in furthering Gryphon’s mission to build a comprehensive platform serving investors and clients across the insurance and reinsurance ecosystem. PrimeOne’s underwriting expertise, established client relationships and strong reinsurance partnerships complement Gryphon’s vision to deliver a fully integrated suite of insurance products and services. PrimeOne will operate as a core underwriting platform under the Gryphon umbrella, allowing clients and partners to benefit from expanded product offerings, enhanced operational capabilities, and greater access to global risk and capital markets.

“We are excited to welcome PrimeOne into the Gryphon enterprise,” said Erin Brennan Bagley, CEO of Gryphon. “This acquisition accelerates our vision of creating a unified platform where investors and insurance market participants can connect, innovate, and thrive. PrimeOne’s reputation and capabilities will be key assets as we continue to build out our specialty insurance, asset management, and bespoke reinsurance capacity solutions.”

“Partnering with Gryphon provides PrimeOne with long-term strategic capital and a broader platform to expand our underwriting capabilities while maintaining the discipline and client focus that define our business,” said David Thorson, President of PrimeOne. “We see this transaction as an opportunity to accelerate growth, deepen reinsurance relationships, and create new opportunities for our clients and partners.”

Gryphon, financed by Phoenix Merchant Partners, is a next-generation platform designed to provide seamless access to insurance and reinsurance capacity and investment opportunities across specialty markets that have become increasingly commoditized. With PrimeOne, Gryphon’s integrated platform will include:

MGA Incubation: Empowering Managing General Agents (MGAs) through tailored support and incubation programs.
Third-Party Administrator (TPA) Services: Delivering efficient, end-to-end claims and policy management solutions.
Asset Management: Offering sophisticated investment strategies and management of insurance-linked assets.
Insurance and Reinsurance Capacity: Connecting risk capital with underwriting opportunities across specialty lines structured through Gryphon’s low cost and low friction reinsurance carrier.

The acquisition of PrimeOne follows the recently announced planned acquisition of Concert Group® by Freedom Underwriters LLC, which is backed by Gryphon and its original investors, and marks another milestone in Gryphon’s disciplined growth strategy.

The PrimeOne transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals.

About Gryphon Holdings LLC

Gryphon Holdings LLC is a next-generation platform designed to provide seamless access to insurance and reinsurance capacity and investment opportunities across specialty markets that have become increasingly commoditized. Gryphon’s integrated platform is designed for flexibility and scalability, supporting both established and emerging players in the insurance ecosystem while fostering innovation through technology-enabled solutions. Its offerings include: MGA Incubation, TPA Services, Asset Management, and Insurance and Reinsurance Capacity. For more information, please visit gryphonholdingsgroup.com.

About PrimeOne Insurance Company

PrimeOne is a US insurer, domiciled in Texas and headquartered in Scottsdale, Arizona. A privately held, specialty commercial lines carrier experienced in hard-to-place commercial property, general liability, and liquor liability insurance. PrimeOne works with small and medium sized business accounts to design customized risk profile and flexible coverage structures. PrimeOne is fully licensed and admitted in AZ, MI, NM, NV, TX and UT and reinsured by one of the most trusted names on the planet, Swiss Re. For further information visit www.primeoneinsurance.com.

About Phoenix Merchant Partners

Phoenix Merchant Partners is an independent investment firm focused on providing broad financing solutions to the middle-market universe of companies. The Firm was founded by Art Mbanefo, formerly CIO of Barclays Bank PLC, CIO and head of asset management of ORIX USA and CIO/co-CEO of Paloma Partners. The Firm leverages an integrated approach, leaning heavily on structuring skills to build long-term partnerships and bring the experience and track record of a leading team of investment professionals to lending solutions in underserved markets.