Leadership Spotlight

We’re almost there! Only two more months until the official end of Hurricane season. For those affected by Hurricane Idalia, we hope you’re already on your way to a speedy recovery. Orchid is always here to assist in any way we can.

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We surpassed the one-year anniversary of Hurricane Ian in September, which became tied with a few other storms as the 5th strongest hurricane to hit the contiguous US. The “lack” of loss development has seemed to put the industry at ease, and it appears the state of Florida is slowly washing away the pain caused by Hurricane Irma.

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Based on Orchid’s performance this year, from both a loss and rate perspective, we are optimistic we’ll have additional capacity for our agent partners across the entire East Coast in 2024. As reinsurance costs abate and loss picks (from Ian & Idalia) become more certain, the capital that was once chased away seems to be tip-toeing back in.

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Internally, we’ve been working aggressively in 2023 to push our new policy administration system to completion. This is not your average update; this is a complete overhaul. Our new platform will provide a more stable system in which you will interact with Orchid – allowing policies to be bound in minutes & many more self-servicing options than you’ve ever had access to on the E&S side. We plan to launch with a few pilot agents before the end of the year, then follow with a full launch to all our agency partners in Q1 of 2024. We march to the “get it right” motto vs the “get it out” motto – which I think we all can agree to appreciate.

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I’ll be eager to hear the feedback as the new Orchid rolls out in 2024. I expect us to become a much bigger (and better) part of your agency as we launch new products and continue to expand E&S capacity.

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Thank you again for your continued support of Orchid!