Emerald Bay Risk Solutions launches with investment from Bain Capital Insurance
Emerald Bay Risk Solutions, a “collaborative underwriting carrier,” announced its formal launch with a significant strategic investment from Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital.
Emerald’s leadership team includes Dave and Ken Ingrey, the co-founders of Spinnaker, and Miles Allkins, the former chief underwriting officer of Spinnaker.
The company will initially focus on executing its “actionable pipeline of highly reputable, established MGA programs” within the E&S markets, but will be positioned to write both admitted and non-admitted business on a nationwide basis.
Emerald Bay secured a rating of “A-“ Stable, Financial Size category VIII, from AM Best.
“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. 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.” – Dave Ingrey, CEO and co-founder of Emerald Bay Risk Solutions.
“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.” – Miles Allkins, co-founder and chief risk officer of Emerald Bay Risk Solutions.
“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.
As part of its launch, Emerald Bay has appointed a number of insurance and technology specialists to its senior leadership team:
- George Dragonetti, formerly of Navigators Re and RLI Re, has joined the team as Lead of Property Underwriting.
- Kris Hill, formerly of Safeco / Liberty Mutual and QBE North America, has joined the team as Chief Financial Officer and Chief Operating Officer.
- Ken Ingrey joins as Head of Business Development. Previously, Ken Ingrey co-founded Spinnaker Insurance, a market-leading hybrid fronting insurance carrier, with Dave Ingrey.
- John Lucking, Chief Technology Officer, will lead the development of the Company’s proprietary technology platform. He most recently served as Global Tech Lead, Insurance, at Amazon Web Services.
- Emily Miner, General Counsel, brings expansive regulatory and transaction experience within the insurance industry, having served as General Counsel and Chief Compliance Officer at The Navigators Group.
- Ken Sharp will head the Company’s casualty insurance department, bringing expansive insurance experience from QRe and Arch Re.
