News | June 20, 2024

Emerald Bay Risk Solutions Partners With Lightspeed Specialty Insurance Solutions To Launch California Homeowners Insurance Facility

Morristown, NJ & Naperville, IL (BUSINESS WIRE) - Emerald Bay Risk Solutions (“Emerald Bay” or the “Company”), a collaborative underwriting carrier, today announced a strategic partnership with Lightspeed Specialty Insurance Solutions (“Lightspeed”), a specialty insurance MGA and subsidiary of Volnay Insurance Holdings (“Volnay”), to launch an insurance facility in California that delivers meaningful coverage for homeowners and landlords in a critically underserved market.

The facility will primarily target owner- or tenant-occupied dwellings across the state, providing comprehensive property and liability insurance in low wildfire risk areas. Reinsurance for the facility is provided by a market-leading firm that carries an A+ rating from AM Best.

“One of the benefits of being built from the ground up as a robust, well-capitalized company is the ability to enter complex markets that others might avoid,” said Miles Allkins, Chief Risk Officer and Co-Founder of Emerald Bay. “Through our extensive experience in E&S insurance and a deep network of reinsurance relationships, we are able to develop collaborative relationships with our partners to deliver programs that are acutely focused on underwriting excellence. We are looking forward to the opportunity to bring this type of coverage to the California property market that standard carriers have exited.”

“Through our partnership with Emerald Bay, we are combining over 100 years of aggregate insurance industry experience to deliver a specialized program built on a high-quality, low risk portfolio,” said Chris Rigdon, Chief Executive Officer of Volnay. “Given increased risk for wildfires, homeowners and landlords in California are presented with limited options for coverage with appropriate rates. We are looking forward to partnering with Emerald Bay to deliver much needed E&S capacity to this segment.”

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. Emerald Bay has an AM Best Financial Strength Rating of A- (Excellent). For more information, visit www.emeraldbayrisk.com.

About Lightspeed Specialty Insurance Solutions
Lightspeed Specialty Insurance Solutions (“Lightspeed”) is a California homeowners property specialist dedicated to bringing much needed capacity to the distraught California homeowners and landlord market. Lightspeed is a subsidiary of Volnay Insurance Holdings (“Volnay”), a Lloyds cover-holder. Volnay is led by Chief Executive Officer Chris Rigdon.

To learn more about Lightspeed, visit https://lsins.com.

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