Collaborative underwriting carrier Emerald Bay Risk Solutions is set to expand its tailored insurance solutions with the acquisition of P&C insurer Mainsail Insurance Company in a private transaction.
Mainsail, previously a 100% reinsured subsidiary of Spinnaker Insurance Company, provides P&C insurance coverage, offering 17 varying lines of insurance, including auto, property, and commercial coverage.
The P&C insurer will become a wholly owned subsidiary of Emerald Bay Specialty Insurance Company, the A- rated surplus lines carrier for the company.
Emerald Bay Risk Solutions launched in March 2024 with a significant strategic investment from Bain Capital’s dedicated insurance investing unit, Bain Capital Insurance.
The firm says that this acquisition, of which financial terms were not disclosed, serves to both complement and expand its tailored insurance solutions to facilitate writing business in the national admitted markets.
“We’re pleased to announce the acquisition of Mainsail, which will be additive to Emerald Bay’s collaborative, tech-enabled underwriting approach,” said Dave Ingrey, Chief Executive Officer and Co-Founder of Emerald Bay.
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