Gryphon Holdings, an innovator in insurance and financial services solutions, has entered into a definitive agreement to acquire PrimeOne Insurance Company, a privately held specialty commercial insurance company, in an undisclosed transaction.
PrimeOne is a specialty property and casualty insurance company focused on working with program managers and managing general agents in specific niche markets.
The company’s operations are built on sound enterprise risk management and governance, conservative capital management, strong reinsurance relationships and rigorous underwriting practices.
For Gryphon, this transaction represents an important step in furthering its mission to build a comprehensive platform that serves investors and customers across the insurance and reinsurance ecosystem.
Combining PrimeOne’s underwriting expertise, established client relationships and strong reinsurance partnerships will be highly complementary to Gryphon’s goal of delivering a fully integrated suite of insurance products and services.
As Gryphon’s core underwriting platform, PrimeOne will enable customers and partners to access more products, benefit from enhanced operational capabilities and gain greater access to global risk and capital markets.
“We are pleased to welcome PrimeOne to the Gryphon enterprise,” said Erin Brennan Bagley, CEO of Gryphon. “This acquisition accelerates our vision to create a unified platform that allows investors and insurance market participants to connect, innovate and thrive. PrimeOne’s reputation and capabilities will be key assets as we continue to build our solutions for specialty insurance, asset management and custom reinsurance capabilities.”
“Partnering with Gryphon provides PrimeOne with long-term strategic capital and a broader platform to expand our underwriting capabilities while maintaining the discipline and customer focus that defines our business,” said PrimeOne President David Thorson. “We view this transaction as an opportunity to accelerate growth, deepen reinsurance relationships and create new opportunities for our customers and partners.”
Gryphon, funded by Phoenix Merchant Partners, is a next-generation platform that simplifies specialty insurance capabilities and investment access.
With PrimeOne, Gryphon’s integrated platform will include MGA incubation, third-party administrator (TPA) services, asset management, and insurance and reinsurance capabilities.
The acquisition follows the recent announcement by Freedom Underwriters LLC, which is backed by Gryphon and its original investors, of plans to acquire Concert Group®.
