Emerald Bay Risk Solutions has launched as a property/casualty insurance fronting carrier, backed by Bain Capital Insurance and headed by a group of insurance veterans who have fronting experience.
Calling itself a “collaborative underwriting carrier,” the new entity hopes to form partnerships with a select group of managing general agents (MGAs) and reinsurers. The company will initially focus on working with established MGA programs within the excess and surplus (E&S) markets but will be positioned to write both admitted and non-admitted business on a nationwide basis.
Emerald Bay Specialty Insurance Co. (EBSIC) boasts a strong starting financial foundation, having received an undisclosed “substantial” investment by Bain Capital Insurance and having secured a rating of “A-” Stable from AM Best. EBSIC’s ultimate parent is Emerald Bay Risk Solutions LLC and Emerald Bay will be owned primarily by Bain Capital Insurance.
AM Best noted that management has a “strong track record of operating in the insurance and fronting markets.” AM Best also noted that the company’s strategy involves maintaining a significant risk position in the programs it writes.
As its leaders say on the company’s website, Emerald Bay is not the “first rodeo” for them. Emerald Bay is being led by the co-founders of fronting company Spinnaker Insurance: Dave Ingrey is chief executive officer and Ken Ingrey is head of business development. Miles Allkins, the former chief underwriting officer of Spinnaker, is chief risk officer.
Spinnaker launched in 2015 as a “value-added” program fronting company and grew rapidly. In 2020, it was acquired by InsurTech Hippo Insurance Services, one of its MGAs, after the two had worked together for several years.
Emerald Bay has appointed a number of insurance and technology specialists to its senior leadership team:
EBSIC is domiciled in Arizona and has offices in Morristown, N.J., and Hamilton, Bermuda.