The co-founder of Bermuda-based Endurance Specialty has resurfaced as chairman of Orchid Underwriters.
Ken LeStrange, who has also served as chairman and chief executive officer (CEO) of Endurance and CEO of Aon Risk Services, has become chairman of the property insurer following a majority investment by middle market private equity firm Gryphon Investors.
Michael Ray, CEO of Orchid and president Brad Emmons have retained a significant ownership position in the company and will continue to lead Orchid.
“Having been an owner of Orchid since its early years, I am excited to help steward the company into a new era of strategic growth opportunities including new product development and geographic expansion,” said Emmons. “Through this new partnership with Gryphon, Orchid is seeking to differentiate itself further as an underwriting organisation, thereby creating greater value for its retail partners and delivering exceptional results to all of our trading partners.”
Ray added: “In addition to financial resources, Gryphon provides Orchid with a highly experienced team of advisors and operations experts, and we look forward to leveraging their insurance industry relationships to support the company’s growth initiatives.”
LeStrange said: “Michael, Brad and the rest of the Orchid team have built a great franchise with an impressive value proposition for insureds, agents and carriers. I am excited to have the opportunity to work with them along with the Gryphon team to expand the company’s product lines and geographic reach.”
Ken LeStrange, Endurance, Bermuda, Orchid Underwriters