Gryphon Holdings has reached an agreement to acquire PrimeOne Insurance Company, a private commercial insurance provider in the United States. Financial terms of the transaction have not been disclosed.
PrimeOne specializes in property and casualty insurance, working mainly with program administrators and managing general agents in specific market segments. The insurer focuses on underwriting practices, risk management, reinsurance, and capital oversight.
Under Gryphon's ownership, PrimeOne is expected to operate as a core underwriting platform within the group. PrimeOne's clients and partners will gain access to a wider range of services, improved operational options, and broader connections to global risk and capital sources.
PrimeOne president David Thorson stated, "Partnering with Gryphon provides PrimeOne with long-term strategic capital and a broader platform to expand our underwriting capabilities while maintaining the discipline and client focus that define our business." He added, "We see this transaction as an opportunity to accelerate growth, deepen reinsurance relationships, and create new opportunities for our clients and partners."
Gryphon Holdings is backed by Phoenix Merchant Partners and provides capacity for insurance and reinsurance as well as investment in specialty markets. With the addition of PrimeOne, Gryphon's platform will extend to MGA incubation, third-party claims and policy administration services, asset management for insurance-linked investments, and increased insurance and reinsurance capacity through its internal carrier model.
The deal is anticipated to be completed in the first quarter of 2026, subject to regulatory approval.
Gryphon CEO Erin Brennan Bagley said, "We are excited to welcome PrimeOne into the Gryphon enterprise. This acquisition accelerates our vision of creating a unified platform where investors and insurance market participants can connect, innovate and thrive. PrimeOne's reputation and capabilities will be key assets as we continue to build out our specialty insurance, asset management and bespoke reinsurance capacity solutions."
This move follows news of the planned acquisition of Concert Group by Freedom Underwriters, another entity backed by Gryphon and its original investors.