Emerald Bay Risk Solutions, a collaborative underwriting carrier, is formally launching with a significant strategic investment from Bain Capital Insurance.
The company aims to revolutionise the insurance industry through integrated solutions and disciplined underwriting, underpinned by a proprietary data-driven technology platform.
Emerald Bay seeks to address the evolving landscape of the program insurance market by introducing progressive underwriting practices with the backing of Bain Capital Insurance. The aim is to create alignment of interests across the entire risk value chain and deliver enhanced insurance solutions.
The firm is set to utilise a collaborative approach to underwriting, delivering tailored insurance solutions and forging long-term partnerships with managing general agents (MGAs) and reinsurance partners.
The company focuses on Excess & Surplus (E&S) markets initially but plans to expand nationwide.
Emerald Bay begins operations with a strong financial foundation and a rating of “A-“ Stable from AM Best. Led by CEO Dave Ingrey and CRO Miles Allkins, the company prioritises mutual accountability and transparency, aiming to align interests across the value chain through collaboration and real-time risk exposure data.
Emerald Bay’s strategy emphasises meaningful risk retention alongside capacity partners and focuses on optimising profitability and longevity of MGA and reinsurance partnerships. Bain Capital Insurance’s support underscores Emerald Bay’s differentiated model and the market demand for consistent underwriting performance.
CEO Dave Ingrey said, “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 organisation. 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.”
CRO Miles Allkins commented, “Our strategy offers a high degree of alignment through meaningful risk retention alongside our capacity partners and a focus on optimising 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.”
Matt Popoli, Global Head of Bain Capital Insurance added, “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.”
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