Orchid Underwriters Agency, LLC, a property catastrophe focused managing general agency (MGA), has hired Joe Zuk, previously of Atlas General Holdings, to the new role of Managing Director of Corporate Development & Strategy.
Zuk has significant experience within both the MGA world and gained as a reinsurance broker.
His work in recent years has seen him increasingly interface with the insurance-linked securities (ILS) market as he looked to identify new and alternative sources of capacity to back pools of MGA originated risk.
It’s no surprise to hear that this is set to continue at Orchid, an MGA that writes many catastrophe focused property risks, is based in Florida and writes homeowners and small business property lines throughout the United States and the Caribbean.
Zuk joined Orchid this week in the newly created role that will see him reporting directly to Brad Emmons, President & Chief Executive Officer of the firm.
He will take on responsibility for Orchid’s corporate development and driving forwards strategic initiatives across the company.
As part of the Orchid executive team, Zuk will work alongside Orchid’s President and CEO, Brad Emmons and its partner TowerBrook Capital Partners to drive continued growth and expansion.
This is expected to be through mergers and acquisitions, organic growth opportunities, as well as designing new, innovative and value-creating strategic initiatives.
Among these, given Zuk’s background and interest in ILS, is likely to be a continued focus on leveraging the most efficient capacity possible, to back pools of MGA originated risk. This is likely to involve collateralized reinsurance solutions from ILS funds or investors, to back Orchid originated property risk.
“We are excited to have Joe join Orchid,” explained Brad Emmons, President and Chief Executive Officer of Orchid Insurance. “Our steadfast commitment to being “The First Choice” for our partners means we must continue to attract world class industry talent that drives value creation for Orchid and our business partners. Joe is bringing with him a wealth of knowledge and experience throughout the industry which will bolster our platform’s capabilities and deepen our expertise.”
“I am energized to be joining Orchid,” added Zuk. “It is an exciting time to be at Orchid following its recapitalization and positioning within the insurance services and distribution marketplace. Orchid has an excellent reputation of entrepreneurialism and creativity within the insurance industry built upon operational excellence. I look forward to working closely with the executive team and TowerBrook in building upon the great foundation that has been established at Orchid.”
At Atlas General Holdings Zuk held the roles of President of the Commercial & Property Divisions and Executive Vice President of Corporate Development, so had significant input into the firms strategies with respect to reinsurance and ILS capacity usage.
Prior to Atlas, Zuk worked in roles as a reinsurance broker for BMS Group and Lockton Re, prior to which he worked as a facultative underwriter at Paris Re.