Emerald Bay Risk Solutions, a collaborative underwriting carrier, has formally launched with a significant strategic investment from Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital.
Led by Dave Ingrey as Chief Executive Office (CEO), Emerald Bay is an innovative program specialist focused on leveraging core underwriting expertise and data-driven approach to align interests across the entire risk value chain.
It uses a blend of established competencies to deliver tailored insurance solutions, consistent underwriting results, and long-term, mutually valuable partnerships with a select group of high-performing managing general agents (MGAs) and market-leading reinsurance partners.
Emerald Bay will initially centre on “executing its actionable pipeline of highly reputable, established MGA programs within the Excess & Surplus (E&S) markets, but will be positioned to write both admitted and non-admitted business on a nationwide basis,” the company explained.
Credit rating agency AM Best has assigned the company a rating of “A-” Stable, Financial Size category VIII, which reflects the company’s strong financial foundation.
CEO Ingrey will be joined by Chief Risk Officer, Miles Allkins. They both have deep insurance expertise and demonstrated track records of successfully partnering with and driving long-term results for blue-chip reinsurers and high-performing MGAs.
“In a rapidly evolving program insurance market, we’re excited to have the opportunity, with the support of Bain Capital Insurance, to pave the way for a progressive underwriting organisation,” said Ingrey.
He continued: “We are built on the principle of mutual accountability and transparency, aimed at aligning interests across the entire value chain through a collaborative engagement model and access to real-time risk exposure data.”
Allkins commented: “Our strategy offers a high degree of alignment through meaningful risk retention alongside our capacity partners and a focus on optimising the profitability and longevity of our MGA and reinsurance partnerships.
“Bain Capital Insurance embraces the complexity of our industry, appreciates the nuanced, but powerful, differentiation of our model, and brings the resources and experience to shepherd our vision to fruition.”
McDermott Will & Emery and Debevoise & Plimpton LLP advised Bain Capital Insurance in the transaction, which is subject to customary approvals and other closing conditions.
As part of its launch, Emerald Bay has also appointed a number of insurance and technology specialists to its senior leadership team, including George Dragonetti, who having previously worked at Navigators Re and RLI Re, has joined the company as Lead of Property Underwriting.
Kris Hill has been appointed Chief Financial Officer and Chief Operating Officer; and is joining the company from Safeco / Liberty Mutual and QBE North America. Ken Sharp will head Emerald Bay’s casualty insurance department, bringing expansive insurance experience from QRe and Arch Re.
Ken Ingrey, who co-founded Spinnaker Insurance, a hybrid fronting insurance carrier, with Dave Ingrey, is also joining the company as Head of Business Development.
John Lucking has been named Chief Technology Officer, tasked with leading the development of the Company’s proprietary technology platform.
He most recently served as Global Tech Lead, Insurance, at Amazon Web Services. Additionally, Emily Miner, who has expansive regulatory and transaction experience within the insurance industry, has been appointed General Counsel. She has previously served as General Counsel and Chief Compliance Officer at The Navigators Group.