Partnership to launch homeowners’ insurance facility in California
Partnership to launch homeowners’ insurance facility in California | Insurance Business America
Property
Partnership to launch homeowners’ insurance facility in California
Leader cites “ability to enter complex markets that others might avoid”
Property
By
Terry Gangcuangco
Underwriting carrier Emerald Bay Risk Solutions and Volnay Insurance’s managing general agent Lightspeed Specialty Insurance Solutions have partnered to introduce an insurance facility in California for homeowners and landlords.
The new facility will focus on insuring owner-occupied and tenant-occupied homes across California, offering comprehensive property and liability insurance in regions with low wildfire risk. The reinsurance backing the facility comes from a top-tier firm with an A+ rating from AM Best.
Miles Allkins, chief risk officer and co-founder of Emerald Bay, highlighted the company’s strengths and how they became instrumental in the new offering: “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.
“Through our extensive experience in E&S (excess and surplus) 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.
Chris Rigdon, chief executive of Volnay, added: “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.
“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.”
With support from Bain Capital Insurance, Emerald Bay offers both admitted and surplus lines insurance solutions. Meanwhile Lightspeed specializes in homeowners’ property insurance in California, striving to provide necessary capacity in a challenging market.
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