Launched by Spinnaker, Mainsail will now be sheltered by Emerald Bay Risk

A year after being approved for the Florida market, Mainsail Insurance Co. was sold to Emerald Bay Risk Solutions, an underwriter and fronting operator that launched earlier this year.

The move will help expand business in eligible national markets, according to an announcement from Emerald Bay, a New Jersey startup that was formed by industry veterans who previously ran Spinnaker Insurance, Mainsail’s former parent company.

Dave Ingrey is Executive Director at Emerald Bay and Ken Ingrey is Head of Business Development. Miles Allkins, Spinnaker’s former chief underwriting officer, is chief risk officer.

Spinnaker launched in 2015 as a “value-added” program company and has grown rapidly. In 2020, it was acquired by insurtech Hippo Insurance Services, one of its MGAs.

Spinnaker created Mainsail in 2023 and was approved by the Florida Office of Insurance Regulation last summer. It has corporate offices in Tarpon Springs, Fla., 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 agreement were not disclosed.