Orchid Insurance Partners with Openly to Expand Access to High-Net-Worth Coverages

VERO BEACH, Fla.--(BUSINESS WIRE)--
Orchid Underwriters Agency, LLC (“Orchid Insurance”), among the largest independent managing general underwriters focusing on catastrophe-exposed properties and high net worth personal lines, entered a new relationship with Openly, a premium home insurance platform for independent agents available across 16 states and counting.

The relationship will enable Orchid to deliver added capacity to its national network of retail agents and strategic distribution partners and broaden its range of high-net-worth customers who seek solutions for hard-to-place risks.

“We are thrilled to partner with Openly,” said Charlie Graham, Head of Specialty High Net Worth at Orchid Insurance. “Building upon our select carrier roster means Orchid will strengthen its position in the specialty high-net-worth market and better serve our independent agent partners, who can now take advantage of a seamless and streamlined insurance experience for both their agencies and clients.”

Graham said Openly has a sweet spot for affluent clients who need insurance for homes with a replacement value from $400,000 to $3 million and a policy that can be used for multiple occupancy types, including primary, seasonal, secondary and rented to others.

“A standard homeowner insurance policy may not provide enough coverage for homes at this value as well as their contents within,” said Graham. “High-value home policies will often go above and beyond a standard policy by offering extended replacement cost coverage for your dwelling and other structures.”

“We are excited that Orchid has joined forces with Openly. Our rapid adoption by forward-thinking agencies like Orchid is a testament to our innovative approach and commitment to the needs of independent agents and their clients,” said Chris Bacon, Chief Operating Officer of Openly.

Founded by insurance industry veterans, Openly uses next-generation data and technology to offer straightforward, customer-friendly home insurance policies. Openly rebuilt the entire technology and operations stack of insurance to create an intuitive and stress-free quoting process. All information is presented at the point of sale in real-time pulling from over 50 data points allowing for quick quote turnaround.

About Orchid Insurance

Orchid Insurance is the largest personal lines E&S managing general underwriter, providing specialty homeowners insurance products for coastal risks in the Gulf, Southeast, and Mid-Atlantic states, with an additional suite of brokerage products available in all 50 states. It is expanding its presence in the admitted homeowners market through Trusted Resource Underwriters, its joint venture attorney-in-fact with Homesite Insurance, representing Trusted Resource Underwriters Exchange (TRUE). In partnership with CrossCover Insurance Services, Orchid is also expanding its offerings in commercial E&S markets, with a focus on middle-market specialty business. Orchid was founded in 1998 and is based in Vero Beach, FL. In 2018, private equity group TowerBrook Capital Partners made a majority investment in Orchid. https://orchidinsurance.com/

About Openly

Openly is a technology-driven premium homeowners insurance company. Its centralized platform offers comprehensive coverage using advanced pricing models. Founded by industry veterans in 2017, Openly is dedicated to delivering modern and transparent homeowners' insurance and empowering independent agents across America. For more information, visit Openly.com or linkedin.com/openlyinc.

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John Schramm
Marketing and Communications Manager

[email protected]

Source: Orchid Insurance