Crestwell Underwriters launches with support from Bain Capital
Crestwell Underwriters, a newly-formed managing general agent with a “highly-specialized, underwriting-first approach,” announced its launch with “meaningful capital” support from Bain Capital Insurance. Crestwell will initially provide a suite of tailored insurance solutions for the commercial residential insurance market designed to address the nuanced needs of property owners, boards of directors, and property managers overseeing communities of distinction.
At launch, Crestwell will offer admitted, property-only insurance for condominium associations based in Florida, providing bespoke coverage solutions which are competitively priced and backed by a disciplined, data-driven approach towards underwriting. The Company will also participate in the assumption of a highly attractive portfolio of policies from Citizens Property Insurance Company, Florida’s state-backed insurance company.
Emerald Bay Risk Solutions will serve as an initial capacity partner for Crestwell via its admitted carrier, Mainsail Insurance Company, which carries an A- (Excellent) rating from AM Best.
Crestwell is led by Kathy Cody, Chief Executive Officer, and Paul DiFrancesco, Chief Underwriting Officer, each bringing more than three decades of insurance leadership experience to the Company, including significant property underwriting expertise specifically within the Florida market. Cody most recently served as Chief Executive Officer of Orchid Insurance, a specialty underwriter of catastrophe-exposed property insurance. DiFrancesco joins from GeoVera where he was the Commercial Lines Segment Leader.
“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.
