A newly established, Florida property insurance-focused managing general agent (MGA), Crestwell Underwriters, LLC, has launched with significant capital support from Bain Capital.
Led by Kathy Cody as Chief Executive Officer (CEO), and Paul DiFrancesco as Chief Underwriting Officer, the firm will initially provide tailored insurance for the commercial residential insurance market.
Between them, Cody and DiFrancesc bring over three decades of insurance leadership experience to Crestwell, including significant property underwriting expertise specifically within the Florida market.
Most recently, Cody was the CEO of Orchid Insurance, a specialty underwriter of catastrophe-exposed property insurance. DiFrancesco joins from GeoVera, where he was the Commercial Lines Segment Leader.
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Additionally, Emerald Bay Risk Solutions will serve as an initial capacity partner for Crestwell via its admitted carrier, Mainsail Insurance Company, an A- (Excellent) rating from AM Best. This partnership aims for Emerald Bay to support Crestwell’s initial book and establish a long-term relationship, creating mutual benefits from the future expansion of the MGA’s business.
The investment, which was made by Bain Capital Insurance, the insurance investing unit of Bain Capital, was a private transaction, and details were not disclosed.
Cody commented, “Florida’s unique market dynamics have created an incredible advantage to launch Crestwell and provide indispensable AM Best A- rated private insurance capacity to Florida’s commercial residential space.
“As many of the established carriers face distinctive legacy issues that hinder their ability to effectively manoeuvre in this dynamic market, we have the opportunity to leverage strong underwriting experience to provide tailored coverage and navigate both a Citizens depopulation program and competitive open market. With the support of Bain Capital, we are confident that we can scale an MGA platform poised for long-term stability and sustainable growth.”
DiFrancesco added, “Crestwell is well-positioned to deliver exceptional customer service, achieve best-in-class underwriting results, and build long-term relationships that will set a new standard for our partner agents and their customers as we grow and expand our offerings and services.
“Our intense focus and expertise enable us to manage the nuanced underwriting complexity of this sector and deliver solutions for the unique risks which vary greatly from one condo association to the next. I am excited to introduce our outstanding products and service backed by our highly rated network of capacity partners and reinsurers to Florida policyholders.”
Matt Popoli, Partner at Bain Capital, stated, “The highly complex nature of Florida’s commercial residential market creates the opportunity for a talented and experienced team of underwriters, like the one that has been assembled at Crestwell, to generate attractive and sustainable underwriting profits over the long-term.
“We look forward to partnering with Kathy and Paul to not only take advantage of this unique opportunity, but also the broader set of opportunities we see in the MGA market.”
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