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Wipro Limited to announce results for the fourth quarter and year ended March 31, 2024, on April 19, 2024

Post author By Michelle Dryden
Post date April 7, 2024
No Comments on Wipro Limited to announce results for the fourth quarter and year ended March 31, 2024, on April 19, 2024

EAST BRUNSWICK, N.J. & BANGALORE, India — (BUSINESS WIRE) — $WIPRO #DigitalTransformation — Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) a leading technology services and consulting company, will announce results for the fourth quarter and year ended March 31, 2024, on Friday, April 19, 2024, after stock market trading hours in India.

The results will be available in the Investors section of the company’s website at www.wipro.com/investors/

At 7 p.m. IST* (9:30 a.m. U.S. ET) following the results announcement, the senior management will discuss the company’s performance for the quarter and answer questions sent by 6:30 p.m. IST* (9 a.m. U.S. ET) to: dipak.bohra@wipro.com or abhishek.jain2@wipro.com

The audio from the conference call will be available online through a webcast and can be accessed at https://links.ccwebcast.com/?EventId=WIP190424

Dial-in details for the conference call are as below

Time

7 p.m. – IST* (9:30 a.m. – ET#)

Click here for the diamond pass link

Diamond Pass™ is a Premium Service that enables you to connect to your conference call without having to wait for an operator. If you have a Diamond Pass™ click the above link to associate your pin and receive the access details for this conference, if you do not have a Diamond Pass™ please register through the link and you will receive your Diamond Pass™ for this conference.

Primary Access Toll Number

+91 22 6280 1120

+91 22 7115 8021

US Toll-Free Number

Singapore Toll-Free Number

1 866 746 2133

800 101 2045

UK Toll-Free Number

Hong Kong Toll-Free Number

0 808 101 1573

800 964 448

No passcode Required

Please dial any of the above numbers five to ten minutes ahead of schedule. The operator will provide instructions on asking questions before and during the call.

The replay of the call will be available two hours after the end of the call on the following numbers.

Call Playback Numbers:

	Phone Number	Passcode/Conference ID	Replay Dates
India	+91 22 71945757	Access Code: 947765	19-Apr-24 to 26-Apr-24
Toll Free USA	+1 8332898317	Access Code: 947765	19-Apr-24 to 26-Apr-24

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 240,000 employees and business partners across 65 countries, we deliver on the promise of helping our customers, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com.

Forward-Looking Statements

The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.

Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

Contacts

Dipak Bohra

+91 80 61427201

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AM Best to participate and exhibit at RIMS’ 2024 RISKWORLD Conference

Post author By Michelle Dryden
Post date April 4, 2024
No Comments on AM Best to participate and exhibit at RIMS’ 2024 RISKWORLD Conference

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best will participate and exhibit at RISKWORLD—the RIMS 2024 Annual Conference and Exhibition—with sessions that will focus on reinsurance market conditions, cyber risks, artificial intelligence, stress testing and workers’ compensation. The risk management event takes place May 5-8 at the San Diego Convention Center, in San Diego, Calif.

On May 6, at 1:55 p.m. (PST), Dawn Walker, associate director, AM Best, will give a presentation titled, “Improving Conditions for Reinsurers and the Implications.” Walker also will give a presentation at 2 p.m. (PST) on May 7 titled, “Workers’ Compensation: Are Favorable Frequency Trends Sustainable?” Walker joined AM Best in 2022 and is part of its Strategy and Communications department; she has more than 15 years of insurance industry and risk management experience.

Sridhar Manyem, senior director, AM Best, will also deliver a pair of presentations at the conference. The first titled, “Cyber Insurance: Moderating Prices and Cautious Underwriting Even as Cyber Risks Resurface,” will be held at 9:55 a.m. (PST) on May 7. His second presentation will take place at 10:30 a.m. (PST) on May 8 and is titled, “AI in Insurance: Risks and Opportunities.” Manyem is the head of AM Best’s industry research team and oversees publishing of the company’s perspectives on topical issues.

Maura McGuigan, managing director, AM Best, will give a presentation titled, “The Critical Function of Effective Stress Testing,” at 3:30 p.m. (PST) on May 7. McGuigan is the head of credit rating criteria at AM Best, and responsible for the testing and review of its credit rating methodology criteria, models and tools, and economic and country risk.

In addition, AM Best will exhibit at booth No. 1636 at the conference. Visitors to the AM Best booth can learn about the rating agency, its role in the insurance industry and the resources it offers to insurance professionals, including Best’s Credit Ratings, insurance data and analysis resources and financial data products, and Best’s Performance Assessment for Delegated Underwriting Authority Enterprises (DUAEs).

A Best’s Performance Assessment is an industry-first tool providing an objective, independent opinion of a DUAE’s ability to perform services on behalf of carriers. DUAEs such as MGAs and MGUs, have become an important part of the insurance value chain, with premiums having doubled globally over the last decade.

In addition, AMBest TV will provide video coverage of the conference. For daily reports, panel discussions and executive interviews, visit https://www.ambest.tv/rims24 during the event or look for the RIMS-related playlist under the “Event Coverage 2024” tab at https://www.ambest.tv.

RIMS is an industry association of risk professionals, with its 80 chapters more than 200,000 risk practitioners and business leaders from over 75 countries. To view the official agenda and learn more about RISKWORLD, please visit the event overview.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Contacts

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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AM Best assigns credit ratings to Amherst Specialty Insurance Company

Post author By Michelle Dryden
Post date April 4, 2024
No Comments on AM Best assigns credit ratings to Amherst Specialty Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Amherst Specialty Insurance Company (Amherst Specialty) (Addison, Texas). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Amherst Specialty’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

Amherst Specialty was founded in December 2023 as a Texas-domiciled surplus insurance carrier. It is classified under the Financial Size Category of VIII. The company is a subsidiary of the ultimate parent, RTC Financial Group, LLC (RTC), and received a Certificate of Authority to transact insurance business in the state on Dec. 15, 2023. RTC is also the parent of Risk Theory Holdings (Risk Theory). Risk Theory began underwriting in 2013 and has grown to nearly 250 employees offering multiple programs focused on the specialty market. Amherst Specialty will become the primary excess and surplus insurance paper to write all new and renewal policies of Risk Theory programs.

The balance sheet strength assessment is driven by AM Best’s expectation that Amherst Specialty will maintain the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), over the five-year start-up period. Additionally, the balance sheet further reflects Amherst Specialty’s conservative investment strategy and overall liquidity profile. Partially offsetting these factors is the company’s limited financial flexibility on a stand-alone basis. However, Amherst Specialty’s risk-adjusted capitalization has been supported by credit facilities obtained by its ultimate parent, highlighting the overall financial strength of the organization.

AM Best assesses Amherst Specialty’s operating performance as adequate based on the company’s primary business programs, which have been in place at Risk Theory, an affiliated managing general agency platform, and are expected to generate positive results over Amherst Specialty’s business plan. AM Best assesses the company’s business profile as limited given the start-up nature of the company and strong competition in the surplus lines industry. However, management has extensive experience operating the primary business programs, which offsets some of the execution risk involved. AM Best assesses Amherst Specialty’s ERM capabilities as appropriate, supported by an ERM framework with clear identification of risks, tolerances, and reporting requirements. Additionally, management will utilize strong reinsurance programs to preserve the capital base adequately.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Contacts

Cristian Sieira
Financial Analyst
+1 908 882 2315
cristian.sieira@ambest.com

Rosemarie Mirabella
Director
+1 908 882 2125
rosemarie.mirabella@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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AM Best to host webinar on the growing impact of secondary insurance perils

Post author By Michelle Dryden
Post date April 2, 2024
No Comments on AM Best to host webinar on the growing impact of secondary insurance perils

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best will host a complimentary webinar, titled, “From Convective Storms to Flood: The Growing Impact of Secondary Insurance Perils,” on April 23, 2024, at 2 p.m. EDT.

While natural catastrophes such as hurricanes and earthquakes grab all the headlines, secondary perils including flood, convective storms and wildfires lurk in the shadows, posing significant threats to businesses and individuals alike.

In a one-hour webinar sponsored by Munich Re U.S., an expert panel will unravel the complexities of secondary perils (also known as non-peak perils), exploring their nature, impact, and mitigation strategies. Register now.

Key points to be covered:

Defining secondary insurance perils: Discover what constitutes secondary perils and how they differ from primary risks.
Identifying secondary perils: Explore a range of secondary perils commonly encountered.
Impact on insurance coverage: Understand how secondary perils can impact insurance coverage and claims processes.
Mitigation strategies: Learn proactive approaches to mitigate the risks posed by secondary perils and safeguard your assets.
Lessons learned: Gain valuable insights from real-world examples illustrating the consequences of overlooking secondary perils.

Panelists:

Tehya Duckworth, senior vice president, /property underwriting manager, Munich Re U.S.;
Joe Bonanno, senior vice president/excess and surplus, property underwriting manager – Northeast and Midwest, Munich Re Specialty Insurance; and
Sean Kevelighan, chief executive officer, Insurance Information Institute.

Attendees can submit questions during registration or by emailing webinars@ambest.com. The event will be streamed in video and audio formats, and playback will be available to registered viewers shortly after the event.

Contacts

Lee McDonald
Senior Vice President, Publication & News Services
+1 908 882 2102
lee.mcdonald@ambest.com

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AM Best affirms Credit Ratings of NiSource Insurance Corporation, Inc.

Post author By Michelle Dryden
Post date March 31, 2024
No Comments on AM Best affirms Credit Ratings of NiSource Insurance Corporation, Inc.

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of NiSource Insurance Corporation, Inc. (NICI) (Salt Lake City, UT). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect NICI’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

NICI maintains the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). A conservative reserving philosophy is evident through the company’s reported favorable reserves development in each of the past 10 years. The balance sheet assessment also considers the company’s ample liquidity measures, and maintaining low underwriting leverage, in addition to having no debt.

The strong operating performance assessment is supported by favorable combined and operating ratios that outperforms AM Best’s commercial casualty composite. NICI’s strong operational results reflect loss ratios trending favorably, and a low underwriting expense structure that stems from the inherent benefits of being a single-parent captive for NiSource Inc. (NiSource). Through its niche captive orientation, risk management expertise and conservative underwriting criteria, NICI has generated favorable results at levels generally equal to or better than its industry peers, organically growing its surplus by three-fold in the past 10 years.

NICI is a single-parent captive insurer wholly owned by NiSource, providing all-risk property, workers’ compensation, excess general and automobile liability, medical stop-loss, long-term disability, group life insurance and punitive damage coverage for the parent and its affiliates. AM Best has taken a balanced view of NICI’s overall business profile, which albeit limited in scope, maintains inherent advantages as a single-parent captive with immediate access to business and resources along with the broader financial wherewithal of its ultimate parent. NICI plays a critical role in NiSource’s overall ERM framework, supporting its objectives through insuring key risks of the parent, ultimately supporting NiSource’s financing needs.

The stable outlooks for NICI reflect the company’s sustained profitability, adherence to maintaining capital at the appropriate risk-adjusted levels and its measured and prudent approach in insuring its parent’s exposure. Positive rating action may occur due to a sustained trend of improvement in the company’s overall balance sheet strength that supports a higher assessment level. Conversely, negative rating actions could occur from a decline in the company’s operating performance, an increase in underwriting leverage or an outsized loss event that triggers a sudden decline in risk-adjust capitalization. In addition, negative rating action could occur due to financial issues resulting in rating pressure on the ultimate parent that could impact NiSource’s ratings.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

Contacts

Chul Lee
Senior Financial Analyst
+1 908 882 2005
chul.lee@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Fred Eslami
Associate Director
+1 908 882 1759
fred.eslami@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318

al.slavin@ambest.com

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AM Best affirms Credit Ratings of Coalition Insurance Company

Post author By Michelle Dryden
Post date March 31, 2024
No Comments on AM Best affirms Credit Ratings of Coalition Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Coalition Insurance Company (CIC) (New York, NY). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect CIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

CIC’s balance sheet strength is supported by the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), surplus growth, conservative loss reserves and low underwriting leverage produced in the first nine months of operation and its five-year pro forma.

CIC’s adequate operating performance is largely based on CIC scaling its book of business through its affiliate, Coalition Insurance Solutions, Inc. (CIS) and the ability to execute on the company’s strategic business plan, including, pro forma operating results over the next five years. Cyber insurance is one of the fastest growing lines of business, and between business and management projects the business to expand rapidly with sustained premium growth for the company over the next five-year period.

CIC’s business profile assessment of limited reflects its position as a new company writing cyber insurance. The company is licensed and operating in all 50 states and the District of Columbia and is currently providing coverage for cyber liability and technology errors & omissions. CIS has relationships with a broad base of insurance brokers, which has access to the company’s proprietary system to quote, rate and bind policies. CIC’s management team includes diverse backgrounds with extensive experience in insurance, engineering & product, cybersecurity and software development. CIC partners with its brokers and insureds to educate and remediate vulnerabilities identified in their systems.

CIC’s ERM is considered appropriate for its risk profile, overall underwriting, risk management, remediation response and circular and continuous underwriting. CIC understands the risk, reviews vulnerabilities and manages risks within its risk appetite and risk tolerances. CIC is dependent on its parent for most of its risk management resources and decision-making as it works to develop its own framework over time.

Contacts

Kourtnie Beckwith
Senior Financial Analyst
+1 908 882 1649
kourtnie.beckwith@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Fred Eslami
Associate Director
+1 908 882 1759
fred.eslami@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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AM Best assigns Credit Ratings to Emerald Bay Specialty Insurance Company

Post author By Michelle Dryden
Post date March 29, 2024
No Comments on AM Best assigns Credit Ratings to Emerald Bay Specialty Insurance Company

OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Emerald Bay Specialty Insurance Company (EBSIC) (Tucson, AZ). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect EBSIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

EBSIC is an Arizona-domiciled hybrid fronting company operating in the surplus lines market throughout the United States. As such, the company’s strategy involves maintaining a significant risk position in the programs it writes. EBSIC’s ultimate parent is Emerald Bay Risk Solutions, LLC (Emerald Bay) and Emerald Bay will be owned primarily by Bain Capital Insurance (BCI).

EBSIC’s balance sheet strength assessment is driven by the company’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to be in the strongest range throughout the company’s initial five-year business plan. The balance sheet strength is underpinned further by a conservative investment profile and the backing of BCI. BCI has committed significant equity into the company to support the start-up operations and has assisted EBSIC’s ultimate parent, Emerald Bay, in sourcing a term loan credit facility as part of the initial funding of EBSIC.

AM Best assesses EBSIC’s operating performance as adequate as the company’s underwriting guidelines are anticipated to produce profitable operating results over the intermediate term. Additionally, the company’s initial portfolio will include third-party programs where management has developed deep expertise through previous collaborations. AM Best assesses EBSIC’s business profile as limited given the start-up nature of the company’s operations. However, AM Best notes that management has a strong track record of operating in the insurance and fronting markets, which reduces execution risk. AM Best assesses EBSIC’s ERM framework as appropriate with clear strategic objectives well aligned with the company’s risk appetite. Moreover, there is a robust risk monitoring and governance structure in place to ensure accountability and oversight throughout the organization.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

Contacts

Cristian Sieira
Financial Analyst
+1 908 882 2315
cristian.sieira@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Greg Williams
Senior Director
+1 908 882 2434
greg.williams@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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Environmental documentary ‘Wild Coast Warriors,’ about a legal battle against Shell in South Africa, picked up by Limonero

Post author By Editor
Post date March 28, 2024
No Comments on Environmental documentary ‘Wild Coast Warriors,’ about a legal battle against Shell in South Africa, picked up by Limonero

Limonero Films has picked up world rights to distribute environmental documentary, “Wild Coast Warriors,” which launches at Mipdoc.

The film aims to raise awareness of the plight of small coastal communities on South Africa’s Wild Coast, who are standing up to the oil and gas industry.

It follows a David vs. Goliath court-case against Shell, which halted oil and gas exploration, winning protection for the community, the ocean and the local culture.

“Wild Coast Warriors” is directed by Nick Chevallier and Leigh Wood, who also edits the film. It is produced by Chevallier for Contemporary Film Productions. The cinematographer is Warren Smart, who was part of the camera crew on Oscar winner “My Octopus Teacher.”

Pippa Ehrlich, director of “My Octopus Teacher,” said “Wild Coast Warriors” was “a critical story about the power of community advocacy, and a warning to big corporations that there is strength in the voices of vulnerable people who are connected to and dependent on their land.”

She said the film was “an empowering case-study showing how South Africa’s constitution protects its people.” She added: “It is exquisitely shot and paints a beautiful portrait of the people working to defend their communities and the land they love.”

The film is supported by Greenpeace Africa, Natural Justice and Oxfam Intl.

Chevallier’s credits include “Blood Lions.” His clients have included BBC, Discovery Channel, National Geographic, Animal Planet and South African broadcasters.

Twenty years ago, Chevallier produced a documentary called “The Wild Coast….a Fragile Paradise” in which he explored the natural beauty and rich natural resource base of the Wild Coast.

Mipdoc runs April 6-7 in Cannes, ahead of the MipTV market and conference.

— Variety (EXCLUSIVE)

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Emerald Bay Risk Solutions launches with strategic investment from Bain Capital Insurance

Post author By Michelle Dryden
Post date March 28, 2024
No Comments on 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. — (BUSINESS WIRE) — 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.com

Contacts

Media:
Charlyn Lusk / Thomas Conroy

Stanton

clusk@stantonprm.com / tconroy@stantonprm.com
(646) 502-3549 / (646) 502-9006

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