Emerald Bay Risk Solutions, a collaborative underwriting carrier, has announced a strategic partnership with Lightspeed Specialty Insurance Solutions, a specialty insurance MGA and subsidiary of Volnay Insurance Holdings.
This partnership aims to launch an insurance facility in California, addressing the needs of homeowners and landlords in a critically underserved market.
The partnership seeks to provide comprehensive property and liability insurance for owner- or tenant-occupied dwellings in low wildfire risk areas across California. This initiative comes at a time when standard carriers have exited the market, leaving limited options for homeowners and landlords. Reinsurance for the facility is provided by a market-leading firm with an A+ rating from AM Best.
Emerald Bay Risk Solutions, co-founded by industry veterans Dave Ingrey and Miles Allkins, is a specialty insurance firm emphasising collaborative underwriting to cultivate trust and mutual accountability. With support from Bain Capital Insurance, the company is positioned to offer quality admitted and surplus lines insurance solutions. Emerald Bay has an AM Best Financial Strength Rating of A- (Excellent).
Lightspeed Specialty Insurance Solutions, a California homeowners property specialist, is dedicated to bringing much-needed capacity to the distressed California homeowners and landlord market.
Miles Allkins, Chief Risk Officer and Co-Founder of Emerald Bay, said, “One of the benefits of being built from the ground up as a robust, well-capitalized company is the ability to enter complex markets that others might avoid.
“Through our extensive experience in E&S insurance and a deep network of reinsurance relationships, we are able to develop collaborative relationships with our partners to deliver programs that are acutely focused on underwriting excellence. We are looking forward to the opportunity to bring this type of coverage to the California property market that standard carriers have exited.”
Chris Rigdon, Chief Executive Officer of Volnay, added, “Through our partnership with Emerald Bay, we are combining over 100 years of aggregate insurance industry experience to deliver a specialized program built on a high-quality, low risk portfolio.
“Given increased risk for wildfires, homeowners and landlords in California are presented with limited options for coverage with appropriate rates. We are looking forward to partnering with Emerald Bay to deliver much needed E&S capacity to this segment.”
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