Bain Capital backs Crestwell Underwriters launch

Crestwell Underwriters launched Monday with backing from Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital.

Financial details of the private transaction were not disclosed.

The newly formed managing general agent will at first provide insurance products for the commercial residential insurance market including property owners, boards of directors, and property managers.

Emerald Bay Risk Solutions will provide capacity via its admitted insurer, Mainsail Insurance.

Crestwell’s first offering will be admitted, property-only insurance for condominium associations based in Florida.

The new MGA will also assume a portfolio of policies from Citizens Property Insurance, Florida’s state-backed insurance company.

Crestwell is led by CEO Kathy Cody, who most recently served as CEO of Orchid Insurance; and chief underwriting officer Paul DiFrancesco, who joins from GeoVera, where he was the commercial lines segment leader.