Emerald Bay Risk Solutions: Strategic Investment Raised From Bain Capital Insurance

By Amit Chowdhry • Mar 29, 2024

Collaborative underwriting carrier Emerald Bay Risk Solutions announced this week that it has launched with a significant strategic investment from Bain Capital Insurance. And Emerald Bay is a program specialist that seeks to align interests across the whole 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 and mutually valuable partnerships with a group of high-performing managing general agents (MGAs) and market-leading reinsurance partners. And Emerald Bay starts operations with a strong financial foundation, having secured a rating of “A-“ Stable, Financial Size category VIII, from AM Best.

The company will initially start focusing on executing its actionable pipeline of highly reputable and established MGA programs within the Excess & Surplus (E&S) markets but will be positioned to write both admitted and non-admitted businesses nationwide.

Chief Executive Officer Dave Ingrey and Chief Risk Officer Miles Allkins lead Emerald Bay. They 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:

  1. George Dragonetti, formerly of Navigators Re and RLI Re, has joined the team as Lead of Property Underwriting.
  2. Kris Hill, formerly of Safeco / Liberty Mutual and QBE North America, has joined the team as Chief Financial Officer and Chief Operating Officer.
  3. Ken Ingrey joins as Head of Business Development. Previously, he and Dave Ingrey co-founded Spinnaker Insurance, a market-leading hybrid fronting insurance carrier.
  4. John Lucking, the company’s CTO, will lead the development of its proprietary technology platform. And he most recently served as Amazon Web Services’s Global Tech Lead for insurance.
  5. Emily Miner, General Counsel, offers expansive regulatory and transaction experience within the insurance industry, having served as General Counsel and Chief Compliance Officer at The Navigators Group.
  6. Ken Sharp will head the company’s casualty insurance department, bringing 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.


“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.”

– Emerald Bay Chief Executive Officer 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.”

– Emerald Bay Chief Risk Officer 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