Collaborative underwriting carrier Emerald Bay Risk Solutions announced its formal launch with a significant strategic investment from Bain Capital Insurance, the insurance investing unit of Bain Capital.
Emerald Bay works as a program specialist that seeks to align interests across the entire risk value chain through integrated solutions and disciplined underwriting enhanced by a proprietary data-driven technology platform.
Emerald Bay utilizes a unique blend of established competencies for delivering 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 is starting its operations with a solid financial foundation. And the company will initially focus on executing an actionable pipeline of highly reputable, established MGA programs within the Excess & Surplus (E&S) markets. And it will be positioned to write both admitted and non-admitted businesses nationwide.
Emerald Bay is led by CEO 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.
As part of the launch, Emerald Bay has appointed several leading insurance and technology specialists to its senior leadership team:
- George Dragonetti (formerly of Navigators Re and RLI Re) joined the team as Lead of Property Underwriting.
- Kris Hill (formerly of Safeco / Liberty Mutual and QBE North America) joined the team as Chief Financial Officer and Chief Operating Officer.
- Ken Ingrey joins as Head of Business Development. Ingrey previously 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 of Insurance at Amazon Web Services.
- Emily Miner (General Counsel) has expansive regulatory and transaction experience within the insurance industry, having served as General Counsel and Chief Compliance Officer at The Navigators Group.
- Ken Sharp (head of the company’s casualty insurance department) brings expansive insurance experience from QRe and Arch Re.
The deal is subject to customary approvals and other closing conditions. McDermott Will & Emery and Debevoise & Plimpton LLP advised Bain Capital Insurance.
KEY QUOTES:
“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. 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.”
– Dave Ingrey
“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. 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.”
– Miles Allkins
“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. 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.”
– Matt Popoli, Global Head of Bain Capital Insurance
