Emerald Bay Risk Solutions, an underwriting carrier, has formally launched, aided by investment from Bain Capital Insurance.
The company, a programme specialist, aims to align interests across the risk value chain with integrated solutions and disciplined underwriting, supported by data-driven technology.
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It seeks to establish long-term, mutually beneficial partnerships with a select group of high-performing managing general agents (MGAs) and leading reinsurance partners.
Emerald Bay will initially target the excess & Surplus (E&S) markets, with plans to write both admitted and non-admitted business across the US.
It is led by CEO Dave Ingrey and chief risk officer Miles Allkins, who bring insurance expertise and a history of partnerships with top-tier reinsurers and MGAs.
The deal is pending customary approvals and closing conditions.
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By GlobalDataIngrey said: “In a rapidly evolving program insurance market, we are excited to have the opportunity, with the support of Bain Capital Insurance, to pave the way for a progressive underwriting organisation.
“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.”
The company’s leadership team has been bolstered by the appointment of several insurance and technology experts.
George Dragonetti has joined as lead of property underwriting, Kris Hill as CFO and COO, and Ken Ingrey as head of business development.
John Lucking will oversee the development of the proprietary technology platform as CTO, while Emily Miner has been appointed as general counsel. Ken Sharp will lead the casualty insurance department.
Bain Capital Insurance Global Head Matt Popoli said: “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 are 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.”
Last month, Bain Capital Insurance reached a definitive agreement to recapitalise US-based Ryze Claim Solutions.
