Orange Insurance Exchange a reciprocal insurer, announced its formation and launch in the Florida property insurance market.
Orange is led by CEO Don Matz, an insurance industry veteran who was previously the CEO of Producer’s National Corporation and the President of Tower Hill Insurance Group, where he spent two decades developing deep expertise in coastal property insurance underwriting.
Orange has received its Certificate of Authority from the Florida Office of Insurance Regulation and enters the Florida insurance market with the mission of providing a new alternative for property insurance policyholders.
The formation of Orange follows a challenging period of increased loss activity and excessive litigation in Florida, which created a severely dislocated insurance marketplace. Responsible Florida policyholders have suffered as a result. Following reforms enacted by the State of Florida, Orange seeks to provide new insurance coverage options to policyholders, managed by industry-leading talent.
Orange will be supported by its attorney-in-fact, Orange Insurance Managers, and affiliated managing general agency and claims services companies, Inness Insurance Managers and Inness Claims Services. This group of companies will provide marketing, underwriting, policy administration and claims handling services to Orange. Orange and its affiliates were founded by majority investor Griffin Highline Capital in collaboration with strategic partner Cabrillo Coastal General Agency and its CEO Michael McNitt.
“The Florida market is currently underserved, and we can meet that need at Orange,” said Don Matz, CEO of Orange. “The combination of our veteran team and our partnership with Griffin Highline provides a strong foundation. We are excited for the road ahead.”
“We are eager to bring alternative property insurance options to Florida. We believe there is a compelling opportunity for a new market entrant and are delighted to work with Don and Michael— both of whom we have admired for decades—once again,” said Michael Doak, Managing Partner of Griffin Highline.
Willkie Farr & Gallagher LLP and Meenan P.A. provided legal advice.
Orange is a Florida-based reciprocal exchange providing property insurance coverage.