
Crestwell Underwriters, a managing general agent (MGA), has entered the insurance market, focusing on the commercial residential sector in Florida.
The launch is supported by Bain Capital.
Crestwell’s aim is to deliver insurance solutions that meet the unique requirements of property owners, Boards of Directors and property managers.
Initially, Crestwell will provide admitted, property-only insurance specifically for condominium associations in Florida.
Furthermore, Crestwell will assume a portfolio of policies from Citizens Property Insurance Company, Florida’s state-backed insurer.
Emerald Bay Risk Solutions will be an initial capacity partner for Crestwell through Mainsail Insurance Company, its admitted carrier.

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By GlobalDataThe company’s leadership includes CEO Kathy Cody and chief underwriting officer Paul DiFrancesco, each having more than 30 years of experience in the insurance industry, with a focus on property underwriting.
Cody latterly held the position of CEO at Orchid Insurance, while DiFrancesco was commercial lines segment leader at GeoVera.
Cody said: “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 manoeuvre in this dynamic market, we have the opportunity to leverage strong underwriting experience to provide tailored coverage and navigate both a citizens depopulation programme 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.”
DiFrancesco stated: “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.”