The acquired company offers 17 different lines of insurance such as property, auto, and commercial coverage. Credit: Lee Charlie / Shutterstock.

US-based collaborative underwriting carrier Emerald Bay Risk Solutions has acquired Mainsail Insurance Company, strengthening its capabilities in the national admitted markets.

Mainsail specialises in providing property and casualty (P&C) insurance.

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It currently offers 17 different lines of insurance such as property, auto, and commercial coverage.

The company will now operate as a wholly owned subsidiary of Emerald Bay Specialty Insurance Company, which is a surplus lines carrier.

The financial specifics of the deal were not made public.

Welcoming the acquisition, Emerald Bay CEO and co-founder Dave Ingrey said: “We are pleased to announce the acquisition of Mainsail, which will be additive to Emerald Bay’s collaborative, tech-enabled underwriting approach.”

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Co-founded by Dave Ingrey and Miles Allkins, Emerald Bay Risk Solutions was launched in March 2024 with support from Bain Capital Insurance.  

It is structured to provide admitted and surplus lines insurance solutions, aiming to optimise programme offerings for the reinsurance sector.

With the backing of Bain Capital Insurance, Emerald Bay is poised to capitalise on market opportunities.

The company aims to set up long-term, mutually beneficial partnerships with a select group of managing general agents and reinsurance partners.

Allkins is the chief risk officer at Emerald Bay Risk Solutions. The company’s leadership team also includes John Lucking as the chief technology officer, along with Kris Hill as the chief financial officer and chief operating officer.