Emerald Bay Risk Solutions, the collaborative underwriting carrier, has entered into a strategic partnership with Arrowhead to launch a commercial earthquake facility named Arrowhead EQ DIC, that will provide difference in conditions (DIC) insurance policies for medium to large businesses.
If you recall, Emerald Bay Risk Solutions launched in March this year, with a significant strategic investment from Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital.
From what we understand, Arrowhead EQ DIC will primarily target businesses based in California and the Pacific Northwest, with the ability to offer over $250 million in capacity through its long-term relationships with a number of carrier partners and an emphasis on disciplined underwriting.
In addition, the primary reinsurers for the facility include a group of major firms, all of whom carry an A- or better rating from global ratings agency, AM Best.
Dave Ingrey, Chief Executive Officer and Co-Founder of Emerald Bay, commented: “We are excited to partner with Arrowhead for our inaugural program. Arrowhead is highly regarded in the industry for its superior underwriting standards and specialized E&S insurance capabilities.
“Together, we are proud to bring a novel solution focused on risk quality to the market that meets the growing need for capacity. This is the foundation of a meaningful relationship with natural synergies, and we are looking forward to our mutually valuable partnership with Arrowhead.”
Lewis Defuria, President, Commercial Earthquake at Arrowhead, said: “Emerald Bay’s unique, collaborative approach to underwriting and deep experience partnering with leading MGAs and reinsurers will create an important platform for Arrowhead to continue to innovate. This facility will combine our more than 25 years of experience supporting the wholesale market with Emerald Bay’s strong fundamental underwriting expertise to make it easier for market participants to access capacity for such a niche product.”
