One year after it was approved for the Florida market, Mainsail Insurance Co. has been sold to Emerald Bay Risk Solutions, an underwriter and fronting carrier that was launched earlier this year.
The move will help expand business in the national admitted markets, according to an announcement from Emerald Bay, a New Jersey-based startup that was formed by industry veterans who previously led Spinnaker Insurance, the former parent company of Mainsail.
Dave Ingrey is chief executive officer at Emerald Bay and Ken Ingrey is head of business development. Miles Allkins, the former chief underwriting officer of Spinnaker, is chief risk officer.
Spinnaker launched in 2015 as a “value-added” program fronting company and grew rapidly. In 2020, it was acquired by insurtech Hippo Insurance Services, one of its MGAs.
Spinnaker created Mainsail in 2023 and it was approved by the Florida Office of Insurance Regulation last summer. It has corporate offices in New Jersey and offers auto, property and commercial coverage, the companies said in a news release. Mainsail will now be a subsidiary of Emerald Bay Specialty Insurance Co.
Terms of the acquisition deal were not disclosed.
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