Emerald Bay Risk Solutions, a collaborative underwriting carrier, has partnered with Lightspeed Specialty Insurance Solutions, a subsidiary of Volnay Insurance Holdings, to launch an insurance facility in California aimed at providing comprehensive coverage to homeowners and landlords in a market that has been underserved.
This new initiative will focus on homes and rental properties throughout the state, offering extensive property and liability insurance specifically in areas with low wildfire risks. The reinsurance for this service is backed by a leading firm with an A+ rating from AM Best.
Miles Allkins, Chief Risk Officer and Co-Founder of Emerald Bay, explains, “One of the benefits of being built from the ground up as a robust, well-capitalised company is the ability to enter complex markets that others might avoid.”
He adds, “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.”
Chris Rigdon, Chief Executive Officer of Volnay, states, “Through our partnership with Emerald Bay, we are combining over 100 years of aggregate insurance industry experience to deliver a specialised 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,” Rigdon concludes.
