Emerald Bay Risk Solutions Launches with Strategic Investment from Bain Capital Insurance
28 Marzo 2024 - 9:35AM
Business Wire
- Company receives “A-” Stable (Financial Size category VIII)
rating by AM Best
- Specialty program insurance carrier focused on leveraging core
underwriting expertise and data-driven approach to align interests
across the entire risk value chain
Emerald Bay Risk Solutions (“Emerald Bay” or the “Company”), a
collaborative underwriting carrier, today announced its formal
launch with a significant strategic investment from Bain Capital
Insurance, the dedicated insurance investing unit of Bain Capital.
Emerald Bay is an innovative program specialist that seeks to
create an alignment of interests across the entire risk value chain
through integrated solutions and disciplined underwriting enhanced
by a proprietary data-driven technology platform.
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Emerald Bay uses a unique 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 begins operations
with a strong financial foundation, having secured a rating of “A-“
Stable, Financial Size category VIII, from AM Best. The Company
will initially focus 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. Emerald Bay is led
by Chief Executive Officer Dave Ingrey and Chief Risk Officer Miles
Allkins, who 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
organization,” said Ingrey. “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.”
“Our strategy offers a high degree of alignment through
meaningful risk retention alongside our capacity partners and a
focus on optimizing the profitability and longevity of our MGA and
reinsurance partnerships,” said Allkins. “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.”
“Dave, Miles, and the entire Emerald Bay team bring a
complementary blend of deep experience, strong relationships, and a
diverse range of skills to quickly scale a value-added and
partnership-centric model," said Matt Popoli, Global Head of Bain
Capital Insurance. "We’re thrilled to support Emerald Bay and
believe that this is an excellent time for a proven management team
with a differentiated operating approach to address the market
demand for more consistent underwriting performance.”
As part of its launch, Emerald Bay has appointed a number of
leading insurance and technology specialists to its senior
leadership team:
- George Dragonetti, formerly of Navigators Re and RLI Re, has
joined the team as Lead of Property Underwriting.
- Kris Hill, formerly of Safeco / Liberty Mutual and QBE North
America, has joined the team as Chief Financial Officer and Chief
Operating Officer.
- Ken Ingrey joins as Head of Business Development. Previously,
Ken Ingrey co-founded Spinnaker Insurance, a market-leading hybrid
fronting insurance carrier, with Dave Ingrey.
- John Lucking, Chief Technology Officer, will lead the
development of the Company’s proprietary technology platform. He
most recently served as Global Tech Lead, Insurance, at Amazon Web
Services.
- Emily Miner, General Counsel, brings expansive regulatory and
transaction experience within the insurance industry, having served
as General Counsel and Chief Compliance Officer at The Navigators
Group.
- Ken Sharp will head the Company’s casualty insurance
department, bringing expansive insurance experience from QRe and
Arch Re.
The transaction is subject to customary approvals and other
closing conditions. Bain Capital Insurance was advised by McDermott
Will & Emery and Debevoise & Plimpton LLP.
About Emerald Bay Risk Solutions
Emerald Bay Risk Solutions, a “Collaborative Underwriting
Carrier,” is a specialty insurance firm, co-founded by industry
veterans Dave Ingrey and Miles Allkins. With Bain Capital Insurance
providing the flexibility to take advantage of market opportunities
and a core of established programs, Emerald Bay’s emphasis on
alignment of interests for all parties and on collaborative
underwriting cultivates trust and mutual accountability. The
company is structured to deliver quality admitted and surplus lines
insurance solutions, working to bring optimized program offerings
to the reinsurance market. For more information, visit
www.emeraldbayrisk.com
About Bain Capital Insurance
Bain Capital Insurance is the dedicated insurance investing
business of Bain Capital, a leading global private investment firm
with approximately $180 billion under management across 23 offices
on four continents. We seek to collaborate with leading insurance
businesses and management teams to unlock value and drive
innovation across the insurance industry, specializing in insurance
investing strategies that span the entire value chain and growth
spectrum – from catalyzing transformational change, creating new
platforms, and stepping into capacity-driven dislocations, to
partnering with industry participants to meet their long term
strategic and investment return targets. Learn more at
www.baincapitalinsurance.com
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Media: Charlyn Lusk / Thomas Conroy Stanton
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