Emerald Bay Risk Solutions Launches with Strategic Investment from Bain Capital Insurance

• Company receives “A-” Stable (Financial Size category VIII) rating by AM Best
• Specialty program insurance carrier focused on leveraging core underwriting expertise and data-driven approach to align interests across the entire risk value chain

MORRISTOWN, N.J. – March 28, 2024 – Emerald Bay Risk Solutions (“Emerald Bay” or the “Company”), a collaborative underwriting carrier, today announced its formal launch with a significant strategic investment from Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital. Emerald Bay is an innovative program specialist that seeks to create an alignment of interests across the entire risk value chain through integrated solutions and disciplined underwriting enhanced by a proprietary data-driven technology platform.

Emerald Bay uses a unique blend of established competencies to deliver tailored insurance solutions, consistent underwriting results, and long-term, mutually valuable partnerships with a select group of high-performing managing general agents (MGAs) and market-leading reinsurance partners. Emerald Bay begins operations with a strong financial foundation, having secured a rating of “A-“ Stable, Financial Size category VIII, from AM Best. The Company will initially focus on executing its actionable pipeline of highly reputable, established MGA programs within the Excess & Surplus (E&S) markets, but will be positioned to write both admitted and non-admitted business on a nationwide basis. Emerald Bay is led by Chief Executive Officer Dave Ingrey and Chief Risk Officer Miles Allkins, who have deep insurance expertise and demonstrated track records of successfully partnering with and driving long-term results for blue-chip reinsurers and high-performing MGAs.

“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,” said Ingrey. “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.”

“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,” said Allkins. “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.”

“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," said Matt Popoli, Global Head of Bain Capital Insurance. "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.”

As part of its launch, Emerald Bay has appointed a number of leading 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.

The transaction is subject to customary approvals and other closing conditions. Bain Capital Insurance was advised by McDermott Will & Emery and Debevoise & Plimpton LLP.

About Emerald Bay Risk Solutions

Emerald Bay Risk Solutions, a “Collaborative Underwriting Carrier,” is a specialty insurance firm, co-founded by industry veterans Dave Ingrey and Miles Allkins. With Bain Capital Insurance providing the flexibility to take advantage of market opportunities and a core of established programs, Emerald Bay’s emphasis on alignment of interests for all parties and on collaborative underwriting cultivates trust and mutual accountability. The company is structured to deliver quality admitted and surplus lines insurance solutions, working to bring optimized program offerings to the reinsurance market. For more information, visit www.emeraldbayrisk.com

About Bain Capital Insurance

Bain Capital Insurance is the dedicated insurance investing business of Bain Capital, a leading global private investment firm with approximately $180 billion under management across 23 offices on four continents. We seek to collaborate with leading insurance businesses and management teams to unlock value and drive innovation across the insurance industry, specializing in insurance investing strategies that span the entire value chain and growth spectrum – from catalyzing transformational change, creating new platforms, and stepping into capacity-driven dislocations, to partnering with industry participants to meet their long term strategic and investment return targets. Learn more at www.baincapitalinsurance.co