Crestwell Underwriters is a newly established managing general agent (MGA) that emphasizes a specialized, underwriting-focused approach. Supported by significant capital from Bain Capital, Crestwell officially launched recently, aiming to serve the commercial residential insurance market.
Initially, the company will offer tailored, admitted property-only insurance policies specifically for condominium associations based in Florida. These solutions are crafted to meet the unique needs of property owners, boards of directors, and property managers overseeing upscale communities. Crestwell’s coverage options are competitively priced and backed by a disciplined, data-driven underwriting process, ensuring reliability and precision.
In addition to its core offerings, Crestwell will participate in acquiring a promising portfolio of policies from Citizens Property Insurance Company, Florida’s state-backed insurer—this strategic move positions Crestwell to expand its footprint and leverage attractive opportunities within the Florida market.
The leadership team comprises seasoned insurance professionals. Kathy Cody serves as CEO, bringing over three decades of industry experience, including her recent role as CEO of Orchid Insurance, a specialty underwriter facing catastrophe-exposed property hazards. Paul DiFrancesco is the Chief Underwriting Officer, with extensive experience in property underwriting, particularly within Florida, having previously led the commercial lines segment at GeoVera.
Crestwell’s initial capacity partner is Emerald Bay Risk Solutions, which will operate through its admitted carrier, Mainsail Insurance Company, rated A- (Excellent) by AM Best. This partnership will support Crestwell’s initial underwriting activities and help establish a long-term relationship, fostering mutual growth as Crestwell expands its business.
While specific financial details of the private transaction remain undisclosed, the backing reflects strong confidence in Crestwell’s strategic direction and market potential.
KEY QUOTES:
“Florida’s unique market dynamics have created an incredible advantage to launch Crestwell and provide indispensable AM Best A- rated private insurance capacity to Florida’s commercial residential space. As many of the established carriers face distinctive legacy issues that hinder their ability to effectively maneuver in this dynamic market, we have the opportunity to leverage strong underwriting experience to provide tailored coverage and navigate both a Citizens depopulation program and competitive open market. With the support of Bain Capital, we are confident that we can scale an MGA platform poised for long-term stability and sustainable growth.”
Kathy Cody
“Crestwell is well-positioned to deliver exceptional customer service, achieve best-in-class underwriting results, and build long-term relationships that will set a new standard for our partner agents and their customers as we grow and expand our offerings and services. Our intense focus and expertise enable us to manage the nuanced underwriting complexity of this sector and deliver solutions for the unique risks which vary greatly from one condo association to the next. I am excited to introduce our outstanding products and service backed by our highly rated network of capacity partners and reinsurers to Florida policyholders.”
Paul DiFrancesco
“The highly complex nature of Florida’s commercial residential market creates the opportunity for a talented and experienced team of underwriters, like the one that has been assembled at Crestwell, to generate attractive and sustainable underwriting profits over the long-term. We look forward to partnering with Kathy and Paul to not only take advantage of this unique opportunity, but also the broader set of opportunities we see in the MGA market.”
Matt Popoli, Partner at Bain Capital
