Emerald Bay Risk Solutions acquires Mainsail Insurance Company

Emerald Bay Risk Solutions announced the acquisition of Mainsail Insurance Company. The acquisition will complement and expand Emerald Bay’s tailored insurance solutions to facilitate writing business in the national admitted markets. Financial terms of the transaction were not disclosed.

Mainsail provides property and casualty insurance coverage, offering 17 varying lines of insurance, including auto, property, and commercial coverage. The company was formed in November 2021 as a subsidiary of Spinnaker Insurance Company, which is owned by Hippo, and as of last year it was licensed in 40 states and the District of Columbia.

Mainsail will be a wholly owned subsidiary of Emerald Bay Specialty Insurance Company, the A- rated surplus lines carrier for the company. Emerald Bay launched in March 2024 with backing from Bain Capital Insurance to deliver “tailored insurance solutions, consistent underwriting results, and long-term, mutually valuable partnerships” with a select group of high-performing managing general agents and “market-leading” reinsurance partners.

“We’re pleased to announce the acquisition of Mainsail, which will be additive to Emerald Bay’s collaborative, tech-enabled underwriting approach.” – Dave Ingrey, Chief Executive Officer and Co-Founder of Emerald Bay.