Emerald Bay inks deal for Mainsail Insurance Company
Emerald Bay inks deal for Mainsail Insurance Company | Insurance Business America
Insurance News
Emerald Bay inks deal for Mainsail Insurance Company
Deal will bolster the company’s tailored approach in national admitted markets
Insurance News
By
Kenneth Araullo
Emerald Bay Risk Solutions has announced its acquisition of Mainsail Insurance Company, a move that the company says aims to enhance its ability to offer tailored insurance solutions in the national admitted markets. The financial terms of the private transaction were not disclosed.
Mainsail Insurance Company provides property and casualty (P&C) insurance, offering 17 different lines of coverage, including auto, property, and commercial insurance.
Dave Ingrey, chief executive officer and co-founder of Emerald Bay, said that the acquisition of Mainsail will bolster Emerald Bay Risk Solutions’ collaborative, tech-enabled underwriting approach.
Following the acquisition, Mainsail will operate as a wholly owned subsidiary of Emerald Bay Specialty Insurance Company, which holds an A- rating from AM Best as a surplus lines carrier.
Emerald Bay Risk Solutions, which launched in March with support from Bain Capital Insurance, focuses on delivering tailored insurance solutions, consistent underwriting results, and fostering long-term partnerships with a select group of high-performing managing general agents (MGAs) and reinsurance partners.
Emerald Bay, co-founded by industry veterans Dave Ingrey and Miles Allkins, is also recognized with an AM Best financial strength rating of A- (Excellent).
Earlier this month, the company also formed a partnership with MGA Curotech Specialty to launch an excess and surplus (E&S) commercial property program.
Curotech operates a technology platform with an in-house software engineering team, focusing on technology and data analytics. This complements Emerald Bay’s collaborative, tech-enabled underwriting approach, which aims for rapid decision-making based on real-time data.
Earlier this year, the company also partnered with MGA Lightspeed Specialty Insurance Solutions to create an insurance facility for California homeowners and landlords. This facility offers comprehensive coverage for owner- or tenant-occupied dwellings in areas with low wildfire risk statewide.
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