AM Best Assigns Credit Ratings to Dallas Specialty Insurance Company
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Dallas Specialty Insurance Company (Dallas Specialty) (Dallas, TX). The outlook assigned to these Credit Ratings (ratings) is stable.
October 24, 2025
OLDWICK, New Jersey, October 24, 2025 /AM Best/ — AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Dallas Specialty Insurance Company (Dallas Specialty) (Dallas, TX). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Dallas Specialty’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The balance sheet strength assessment of very strong is based on risk-adjusted capital capacity calculated using the initial five-year business plan provided to AM Best. Dallas Specialty was capitalized initially by Griffin Highline Capital LLC (Griffin Highline), which will provide operational and additional capital support if needed. AM Best assesses Dallas Specialty’s operating performance as adequate based on the company’s five-year business plan, which as a newly formed entity is subject to successful implementation over the planning horizon. AM Best assesses Dallas Specialty’s business profile as limited. The company is a Texas-domiciled, specialty lines-focused insurer launched in early 2025 as part of Griffin Highline’s long-term strategy. Dallas Specialty will enter the market as a reinsurer assuming business produced by OpenRoad, a Griffin Highline-owned and controlled managing general agent, underwriting collector car insurance. Dallas Specialty will explore additional opportunities with other affiliated programs across diverse lines of business.
Negative rating action could occur if Dallas Specialty is not able to execute its business plan successfully as presented to AM Best.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
About AM Best:
AM Best is a global credit rating agency specializing in the insurance industry. Founded in 1899, it provides ratings and analysis that assess the financial strength and performance of insurance organizations worldwide.
For additional information: www.ambest.com
About Dallas Specialty Insurance Company:
Dallas Specialty Insurance Company is a Texas-based specialty insurer launched in 2025 as part of Griffin Highline Capital LLC’s long-term strategy. Initially reinsuring collector car business from OpenRoad, it plans to expand into additional specialty lines with strong support from Griffin Highline.
About Griffin Highline Capital LLC:
Griffin Highline is a holding company that invests in and actively manages insurance operating businesses. Its strategy focuses on allocating capital to specialized, niche insurance-related businesses with a long-term, compounding approach as an industry partner.
For additional information: www.griffinhighline.com
About OpenRoad:
OpenRoad Auto Insurance is a managing general agent owned by Griffin Highline Capital LLC, specializing in collector car insurance. The company combines industry expertise with a focus on tailored coverage and disciplined underwriting to serve the unique needs of automotive enthusiasts and specialty vehicle owners.
For additional information: www.openroadautoinsurance.com
adoro Announces Entry into Pet Insurance Market
adoro Pet Insurance Services LLC ("adoro") is pleased to announce its planned Q4 2025 entry into the United States pet insurance market. Based in Washington, adoro is a full-stack insurance agency co-founded by CEO Gavin Friedman and President and COO Tricia Plouf. Both are seasoned leaders in the pet insurance space with a shared vision to offer an improved option for pet owners.
August 12, 2025
SEATTLE, Washington, August 12, 2025 /PRNewswire/ — adoro Pet Insurance Services LLC ("adoro") is pleased to announce its planned Q4 2025 entry into the United States pet insurance market. Based in Washington, adoro is a full-stack insurance agency co-founded by CEO Gavin Friedman and President and COO Tricia Plouf. Both are seasoned leaders in the pet insurance space with a shared vision to offer an improved option for pet owners.
adoro's underwriting capacity will be provided by Crum & Forster (C&F), a market-leading company with significant experience underwriting pet insurance programs.
"C&F has been supporting pets and pet parents for over 20 years," said Gary McGeddy, President, C&F Accident & Health Division. "We are proud to underwrite pet insurance policies for valued partners like adoro so they can deliver solutions to the marketplace to help pet owners manage the costs associated with their pets' health and well-being."
Gavin Friedman added, "We cannot imagine a better partner than Crum & Forster to offer our product to pet owners. From day one, the C&F team has demonstrated why they are so highly regarded and sought after as an insurance partner. Their underwriting capabilities and expertise will allow us to bring adoro's vision of elevating pet insurance to life."
adoro is capitalized by Griffin Highline Capital LLC and Badger Equity US LLC.
"We're delighted to support Gavin and Tricia as they bring their vision for a better pet insurance solution to the market. We are also pleased to work with the Badger and Crum & Forster teams on the opportunity," said Michael Doak, Founder and Managing Partner of Griffin Highline.
"We have been looking for the right pet insurance opportunity in the US market for a number of years. We are confident that the adoro management team, with Crum & Forster as the carrier, provides the opportunity we've been looking for," said Brad Hogan, Founder, Chairman and CEO of the Badger International Group of insurance companies.
While the US pet insurance market has grown substantially year-over-year for many years, according to the North American Pet Health Insurance Association only 3.92% of pets in the US were insured as of the end of 2024.
"We see a huge opportunity in an underpenetrated market," said Tricia Plouf, adding "we did not start adoro simply to participate in the market. We will offer a number of features and options that are not available today, and we look forward to adoro becoming a leading brand in the market."
About adoro Pet Insurance Services LLC:
adoro is a full-stack insurance agency that sells and administers pet insurance.
For additional information please visit www.adoropet.com or www.linkedin.com/company/adoropetinsurance.
About Griffin Highline Capital LLC:
Griffin Highline is a holding company that invests in and actively manages insurance operating businesses. Its strategy focuses on allocating capital to specialized, niche insurance-related businesses with a long-term, compounding approach as an industry partner.
For additional information: www.griffinhighline.com
About Badger International:
Badger International is an insurance and related private equity focused conglomerate, with an existing footprint of insurance licenses and investments in New Zealand, Australia & South Africa.
For additional information: http://www.badgerholdings.co.za/
About Crum & Forster:
Crum & Forster is a leading national property, casualty and accident & health insurer, providing specialty insurance products through its admitted and surplus lines insurance companies. Founded in 1822, C&F is one of the oldest U.S. insurance companies and today conducts business through a network of independent agents, brokers and wholesalers. C&F had $5.7 billion in gross written premium in 2024 and is rated “A+” Superior by AM Best (2025).
For additional information: www.cfins.com
TWFG Insurance Announces Closing of its Initial Public Offering
TWFG, Inc. (“TWFG”) today announced the pricing of its initial public offering of 11,000,000 shares of its Class A common stock at a price to the public of $17.00 per share, before underwriting discounts and commissions, for gross proceeds of $187.0 million. Additionally, TWFG has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions.
July 17, 2024
THE WOODLANDS, Texas, July 17, 2024 /PRNewswire/ — TWFG, Inc. (“TWFG”) today announced the pricing of its initial public offering of 11,000,000 shares of its Class A common stock at a price to the public of $17.00 per share, before underwriting discounts and commissions, for gross proceeds of $187.0 million. Additionally, TWFG has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions.
The shares are expected to begin trading on the Nasdaq Global Select Market on July 18, 2024 under the symbol “TWFG.” The offering is expected to close on July 19, 2024, subject to the satisfaction of customary closing conditions.
Upon completion of the initial public offering, TWFG will be the sole managing member of TWFG Holding Company, LLC and will exclusively operate and control all of its business and affairs.
TWFG will receive net proceeds of approximately $168.3 million after deducting underwriting discounts and commissions and estimated expenses and intends to use the net proceeds received from the initial public offering to acquire newly-issued LLC units of TWFG Holding Company, LLC (the “LLC Units”) equal to the number of shares of Class A common stock issued in the initial public offering from TWFG Holding Company, LLC, at a purchase price per LLC Unit equal to the initial public offering price per share of Class A common stock after underwriting discounts and commissions. TWFG intends to cause TWFG Holding Company, LLC to use the proceeds it receives from the sale of LLC Units to TWFG, Inc. to pay fees and expenses in connection with the initial public offering and the reorganization transactions, to repay in full outstanding debt under its revolving credit agreement and for potential strategic acquisitions of, or investments in, other businesses or technologies that TWFG believes will complement its current business and expansion strategies and for general corporate purposes.
J.P. Morgan, Morgan Stanley, BMO Capital Markets and Piper Sandler are acting as joint lead book-running managers, RBC Capital Markets, UBS Investment Bank, Keefe, Bruyette & Woods, A Stifel Company and William Blair are acting as joint book-running managers and Dowling & Partners Securities LLC is acting as co-manager for the offering.
The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014.
A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on July 17, 2024. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
About TWFG:
Founded by Richard F. (“Gordy”) Bunch III in 2001, TWFG is a leading independent distribution platform for personal and commercial insurance in the United States. TWFG offers all lines of insurance, multiple distribution contract options, M&A services, proprietary virtual assistants, proprietary technology, proprietary premium financing, unlimited continuing education, recognition programs, co-op funding, marketing support and overall lower costs to operate.
Company Contact:
Jeff Aricale
SVP Strategy & Capital Markets
Jeff.Aricale@twfg.com
OpenRoad Announces Entry into Collector Vehicle Insurance Market
Open Road Insurance LLC ("OpenRoad") is pleased to announce its formation as a managing general agency specializing in collector vehicle auto insurance. The company has received its license from the Texas Department of Insurance and plans to launch across select U.S. states later this summer as a new alternative for collector vehicle insurance policyholders. OpenRoad is led by CEO Richard Hutchinson, an insurance industry veteran with over three decades of experience including executive leadership roles at Progressive, Hagerty, and Forge.
May 15, 2024
DALLAS, Texas – Open Road Insurance LLC (“OpenRoad”) is pleased to announce its formation as a managing general agency specializing in collector vehicle auto insurance. The company has received its license from the Texas Department of Insurance and plans to launch across select U.S. states later this summer as a new alternative for collector vehicle insurance policyholders. OpenRoad is led by CEO Richard Hutchinson, an insurance industry veteran with over three decades of experience including executive leadership roles at Progressive, Hagerty, and Forge.
OpenRoad is capitalized by majority investor, Griffin Highline Capital LLC (“Griffin Highline”). “OpenRoad is led by a specialized, experienced team, and we are excited to support the formation of a best-in-class collector automobile insurance provider,” said Michael Doak, Founder and Managing Partner of Griffin Highline. “We are also grateful for the opportunity to collaborate with National Interstate Insurance Company (“National Interstate”), a member of Great American Insurance Group (“Great American”) and believe, under Richard’s leadership, that there is a large market opportunity ahead for OpenRoad.”
National Interstate will provide underwriting capacity to OpenRoad. National Interstate is a leading specialty property and casualty transportation insurance company and is rated “A+” (Superior) by A.M. Best. As part of this new relationship, Great American has made an equity investment in OpenRoad. “The OpenRoad team has an exceptional track record and we’re excited to pair our capabilities and financial strength in specialty transportation insurance with their vision and expertise,” said Shawn Los, President & COO of National Interstate.
According to the U.S. Bureau of Labor Statistics, auto insurance has seen the highest annual cost increase of all items tracked in the Consumer Price Index (CPI). While it is a challenging period for auto insureds, OpenRoad believes there is opportunity to better serve the collector community.
“Of the 40 million+ collector vehicles in the United States, the majority are insured by standard auto insurance generalists,” said Richard Hutchinson, CEO of OpenRoad. “Our program is different as it was designed with specialized coverages and services tailored for the unique needs of auto enthusiast owners. We are proud to offer the auto enthusiast community more choice, comprehensive coverage, and the fair pricing that they deserve.”
About Open Road Insurance LLC:
OpenRoad is a provider of auto insurance coverage for classic and modern collector vehicles. OpenRoad provides auto enthusiasts superior insurance coverage at a fair price.
For additional information visit OpenRoad’s LinkedIn Page: www.linkedin.com/company/openroadinsurance
About Griffin Highline Capital LLC:
Griffin Highline is a holding company that invests in and actively manages insurance operating businesses. Its strategy focuses on allocating capital to specialized, niche insurance-related businesses with a long-term, compounding approach as an industry partner.
For additional information: www.griffinhighline.com
About Great American and National Interstate:
National Interstate Insurance Company serves the insurance needs of the transportation industry and is a member Great American Insurance Group. Policies for OpenRoad are underwritten by National Interstate Insurance Company, an authorized insurer in all 50 states and the D.C., and National Interstate Insurance Company of Hawaii, Inc., an authorized insurer in HI, MI, NJ, and OH, headquartered at 3250 Interstate Drive, Richfield, OH 44286.The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG). AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG
For additional information visit www.natl.com.
HDI Global Specialty Purchases Control of Falcon Risk Holdings in Transaction with Founding Partner Griffin Highline Capital
Griffin Highline Capital LLC ("Griffin Highline") is pleased to announce that HDI Global Specialty ("HDI") has completed the purchase of the Griffin Highline ownership interest in Falcon Risk Holdings LLC ("Falcon" or the "Company"). Falcon was founded in 2021 by CEO Craig Landi, Griffin Highline and HDI. HDI also provides insurance underwriting capacity to Falcon. Since inception, Falcon has launched over 15 unique products and built a talented team of underwriters with expertise in management liability, professional liability and cyber liability insurance.
January 10, 2024
DALLAS, Texas — Griffin Highline Capital LLC ("Griffin Highline") is pleased to announce that HDI Global Specialty ("HDI") has completed the purchase of the Griffin Highline ownership interest in Falcon Risk Holdings LLC ("Falcon" or the "Company"). Falcon was founded in 2021 by CEO Craig Landi, Griffin Highline and HDI. HDI also provides insurance underwriting capacity to Falcon. Since inception, Falcon has launched over 15 unique products and built a talented team of underwriters with expertise in management liability, professional liability and cyber liability insurance.
"We have been delighted to partner with Craig Landi and HDI to build Falcon. We are proud of the team, its expertise and its strong underwriting discipline. Falcon is well positioned to continue its strong performance as a HDI platform, and we look forward to our continued partnership with HDI," says Michael Doak, Managing Partner of Griffin Highline.
About Falcon Risk Holdings:
Falcon is a managing general agency, focused on underwriting and claims management of financial, professional, and cyber lines of business throughout the US.
About Griffin Highline Capital:
Griffin Highline is a holding company that invests in and actively manages insurance operating businesses and investments.
Orange Insurance Exchange Announces Launch and Entry into the Florida Property Insurance Market
Orange Insurance Exchange ("Orange"), a reciprocal insurer, is pleased to announce its formation and launch in the Florida property insurance market. Orange is led by CEO Don Matz, an insurance industry veteran who was previously the CEO of Producer's National Corporation and the President of Tower Hill Insurance Group, where he spent two decades developing deep expertise in coastal property insurance underwriting. Orange has received its Certificate of Authority from the Florida Office of Insurance Regulation and enters the Florida insurance market with the mission of providing a new alternative for property insurance policyholders.
November 1, 2023
Led by Industry Veteran Don Matz and Backed by Griffin Highline Capital
GAINESVILLE, Fla. — Orange Insurance Exchange ("Orange"), a reciprocal insurer, is pleased to announce its formation and launch in the Florida property insurance market. Orange is led by CEO Don Matz, an insurance industry veteran who was previously the CEO of Producer's National Corporation and the President of Tower Hill Insurance Group, where he spent two decades developing deep expertise in coastal property insurance underwriting. Orange has received its Certificate of Authority from the Florida Office of Insurance Regulation and enters the Florida insurance market with the mission of providing a new alternative for property insurance policyholders.
The formation of Orange follows a challenging period of increased loss activity and excessive litigation in Florida, which created a severely dislocated insurance marketplace. Responsible Florida policyholders have suffered as a result. Following reforms enacted by the State of Florida, Orange seeks to provide new insurance coverage options to policyholders, managed by industry-leading talent.
Orange will be supported by its attorney-in-fact, Orange Insurance Managers, and affiliated managing general agency and claims services companies, Inness Insurance Managers and Inness Claims Services. This group of companies will provide marketing, underwriting, policy administration and claims handling services to Orange. Orange and its affiliates were founded by majority investor Griffin Highline Capital ("Griffin Highline") in collaboration with strategic partner Cabrillo Coastal General Agency and its CEO Michael McNitt.
"The Florida market is currently underserved, and we can meet that need at Orange. The combination of our veteran team and our partnership with Griffin Highline provides a strong foundation. We are excited for the road ahead," said Don Matz, CEO of Orange.
"We are eager to bring alternative property insurance options to Florida. We believe there is a compelling opportunity for a new market entrant and are delighted to work with Don and Michael— both of whom we have admired for decades—once again," said Michael Doak, Managing Partner of Griffin Highline.
Willkie Farr & Gallagher LLP and Meenan P.A. provided legal advice.
About Orange
Orange is a Florida-based reciprocal exchange providing property insurance coverage. Additional information is available at www.orangeinsure.com.
About Griffin Highline
Griffin Highline is a Dallas-based specialty insurance holding company that actively manages insurance operating businesses. Additional information is available at www.griffinhighline.com.
TWFG Appoints Michael Doak to its Board of Managers
The Woodlands Financial Group (“TWFG”) is pleased to announce the appointment of Michael Doak, CEO and Managing Partner of Griffin Highline Capital LLC (“Griffin Highline”), to its Board of Managers. In 2020, Mr. Doak founded Griffin Highline, a holding company that invests in and actively manages insurance operating businesses. Prior to founding Griffin Highline, Mr. Doak served in various leadership roles at entities associated with RenaissanceRe, a global provider of reinsurance and insurance services, since June 2010, most recently as President of RenaissanceRe Ventures U.S. LLC and the portfolio manager of the direct investments equity portfolio. Mr. Doak also previously served as a member of the TWFG Board of Managers from March 2018 until September 2020.
June 19, 2023
THE WOODLANDS, TX – The Woodlands Financial Group (“TWFG”) is pleased to announce the appointment of Michael Doak, CEO and Managing Partner of Griffin Highline Capital LLC (“Griffin Highline”), to its Board of Managers. In 2020, Mr. Doak founded Griffin Highline, a holding company that invests in and actively manages insurance operating businesses. Prior to founding Griffin Highline, Mr. Doak served in various leadership roles at entities associated with RenaissanceRe, a global provider of reinsurance and insurance services, since June 2010, most recently as President of RenaissanceRe Ventures U.S. LLC and the portfolio manager of the direct investments equity portfolio. Mr. Doak also previously served as a member of the TWFG Board of Managers from March 2018 until September 2020.
“I am delighted to rejoin the TWFG board and continue our longstanding relationship with TWFG and its founder, Gordy Bunch,” Doak said in a statement.
About The Woodlands Financial Group
The Woodlands Financial Group is a nationally recognized insurance company based in The Woodlands, TX. Since its founding in 2001, TWFG has rapidly grown into the number one privately owned insurance agency in Texas and Louisiana, and tenth in the nation for personal lines, operating storefronts in 37 states. With 425 TWFG branches and over 1,800 independent agents, TWFG Insurance provides its clients across the country with trusted access to insurance with a high standard of customer care. Rankings provided by Insurance Journal.
For additional information, please visit: https://twfg.com/
About Griffin Highline Capital LLC
Griffin Highline is a holding company that invests in and actively manages insurance operating businesses. Its strategy focuses on allocating capital to specialized, niche insurance-related businesses with a long-term, compounding approach as an industry partner.
For additional information, please visit: www.griffinhighline.com
Griffin Highline, HDI Global Specialty and Craig Landi Launch Falcon Risk Holdings
Griffin Highline Capital LLC (“Griffin Highline”), HDI Global Specialty SE (“HDI”) and Craig Landi are pleased to announce the formation of Falcon Risk Holdings LLC (“Falcon” or the “Company”). Falcon is a managing general agency, initially focused on underwriting and claims management of financial and cyber lines of insurance business throughout the US. Alongside Griffin Highline and HDI, the Company is co-founded and led by Chief Executive Officer, Craig Landi, an industry veteran with over three decades of underwriting experience. Landi brings a strong track record of underwriting results, insurance industry expertise and demonstrated leadership.