Gryphon Holdings has signed a definitive agreement to acquire PrimeOne Insurance Company, a privately held specialty commercial lines carrier, in a deal the companies say will expand Gryphon’s platform across the insurance and reinsurance ecosystem. Financial terms were not disclosed.
Announced from Forsyth, Georgia, the transaction is positioned as a strategic step for Gryphon, which describes itself as a next-generation insurance and financial services platform built to connect investors, underwriting opportunities, and reinsurance capacity in specialty markets. PrimeOne, a specialty property and casualty insurer that supports program administrators and managing general agents, is expected to become a core underwriting platform within the Gryphon enterprise once the deal closes.
PrimeOne operates in niche segments of the commercial market, with a focus on hard-to-place risks. The company provides coverage including commercial property, general liability, and liquor liability, and works with small and mid-sized business accounts on tailored coverage structures, according to the announcement. PrimeOne is domiciled in Texas and headquartered in Scottsdale, Arizona, and is fully licensed and admitted in Arizona, Michigan, New Mexico, Nevada, Texas, and Utah. The company also highlighted its reinsurance relationships, including Swiss Re, as part of its underwriting and risk management profile.
Gryphon said PrimeOne’s underwriting expertise, established client relationships, and reinsurance partnerships will complement its broader strategy of building an integrated suite of insurance products and services. Under Gryphon, PrimeOne is expected to continue operating as an underwriting platform while enabling clients and partners to access expanded offerings, enhanced operational capabilities, and broader connections to global risk and capital markets.
The companies framed the acquisition as aligned with a platform model that spans multiple parts of the specialty insurance value chain. Gryphon said its integrated capabilities include supporting and incubating MGAs, providing third-party administrator services for claims and policy administration, offering asset management for insurance-linked strategies, and connecting risk capital with underwriting opportunities across specialty lines through its reinsurance carrier structure designed for lower cost and reduced friction.
Chief Executive Officer Erin Brennan Bagley said the acquisition is intended to accelerate Gryphon’s efforts to create what it describes as a unified platform for investors and insurance market participants. PrimeOne President David Thorson said the combination is expected to provide long-term strategic capital and a broader base to expand underwriting capabilities while maintaining the discipline and client focus that have defined PrimeOne’s business.
Gryphon said it is financed by Phoenix Merchant Partners, an independent investment firm focused on financing solutions for middle-market companies. Phoenix Merchant Partners was founded by Art Mbanefo, whose prior roles include chief investment officer at Barclays Bank PLC, as well as CIO and head of asset management at ORIX USA and CIO/co-CEO at Paloma Partners.
The deal also follows Gryphon’s recent announcement tied to Freedom Underwriters LLC, which is backed by Gryphon and its original investors, regarding a planned acquisition of Concert Group. Gryphon characterized the PrimeOne agreement as another milestone within what it described as a disciplined growth strategy.
The acquisition is expected to close in the first quarter of 2026, subject to customary regulatory approvals.
KEY QUOTES:
“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.”
Erin Brennan Bagley, CEO, Gryphon Holdings LLC
“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. We see this transaction as an opportunity to accelerate growth, deepen reinsurance relationships, and create new opportunities for our clients and partners.”
David Thorson, President, PrimeOne Insurance Company
