PrimeOne Insurance Company expects to grow its underwriting capabilities with long-term strategic capital through its planned acquisition by Gryphon Holdings LLC, under a definitive agreement announced by the companies.
The deal is expected to close in the first quarter of 2026, subject to customary regulatory approvals.
PrimeOne is a specialty property and casualty insurer that supports program administrators and managing general agents in select niche markets.
“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,” said David Thorson, president of PrimeOne. “We see this transaction as an opportunity to accelerate growth, deepen reinsurance relationships, and create new opportunities for our clients and partners.”
Gryphon said PrimeOne will operate within the Gryphon enterprise as a core underwriting platform. The buyer said PrimeOne’s underwriting expertise, established client relationships and reinsurance partnerships align with its plan to deliver an integrated suite of insurance products and services across the insurance and reinsurance ecosystem.
“We are excited to welcome PrimeOne into the Gryphon enterprise,” said Erin Brennan Bagley, CEO of Gryphon. “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.”
Gryphon, financed by Phoenix Merchant Partners, describes itself as a platform designed to provide access to insurance and reinsurance capacity and investment opportunities across specialty markets. With PrimeOne, Gryphon said its integrated platform will include MGA incubation programs, third-party administrator services offering end-to-end claims and policy management, asset management for insurance-linked assets, and insurance and reinsurance capacity connecting risk capital with underwriting opportunities across specialty lines structured through Gryphon’s low cost and low friction reinsurance carrier.
The PrimeOne transaction follows the recently announced planned acquisition of Concert Group by Freedom Underwriters LLC, which is backed by Gryphon and its original investors. Gryphon said the PrimeOne deal aligns with its disciplined growth strategy.
