Crestwell Underwriters, a Commercial Residential MGA, Launches with Significant Capital Support from Bain Capital

Business Wire

Crestwell will focus on combining a highly specialized, underwriting-first approach with its advanced technology platform to deliver innovative insurance solutions.
Crestwell is led by an experienced team of insurance executives, including Kathy Cody, Chief Executive Officer, and Paul DiFrancesco, Chief Underwriting Officer.

TAMPA, Fla.--(BUSINESS WIRE)--
Crestwell Underwriters, LLC (“Crestwell” or the “Company”), a newly-formed managing general agent (MGA) with a highly-specialized, underwriting-first approach, launched today with meaningful capital support from Bain Capital. Crestwell will initially provide a suite of tailored insurance solutions for the commercial residential insurance market designed to address the nuanced needs of property owners, boards of directors, and property managers overseeing communities of distinction.

At launch, Crestwell will offer admitted, property-only insurance for condominium associations based in Florida, providing bespoke coverage solutions which are competitively priced and backed by a disciplined, data-driven approach towards underwriting. The Company will also participate in the assumption of a highly attractive portfolio of policies from Citizens Property Insurance Company, Florida’s state-backed insurance company.

Crestwell is led by Kathy Cody, Chief Executive Officer, and Paul DiFrancesco, Chief Underwriting Officer, each bringing more than three decades of insurance leadership experience to the Company, including significant property underwriting expertise specifically within the Florida market. Cody most recently served as Chief Executive Officer of Orchid Insurance, a specialty underwriter of catastrophe-exposed property insurance. DiFrancesco joins from GeoVera where he was the Commercial Lines Segment Leader.

"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,” said Cody. “As many of the established carriers face distinctive legacy issues that hinder their ability to effectively maneuver 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."

"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,” said DiFrancesco. “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.”

“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,” said Matt Popoli, Partner at Bain Capital. “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.”

Emerald Bay Risk Solutions will serve as an initial capacity partner for Crestwell via its admitted carrier, Mainsail Insurance Company, which carries an A- (Excellent) rating from AM Best. Through this partnership, Emerald Bay will support Crestwell’s initial book and establish a long-term relationship, creating mutual benefits from the future expansion of Crestwell’s business.

The investment is being made by Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital. The financial details of the private transaction were not disclosed.

About Crestwell

Crestwell Underwriters (“Crestwell”) is a managing general agent (MGA) focused on tailored insurance solutions for commercial residential property owners, boards of directors, and property managers overseeing communities of distinction. Crestwell offers an unrivaled, financially secure, admitted local insurance company solution to this underserved sector of properties. Through a combination of strong and disciplined underwriting, significant financial backing, and an established leadership team with deep experience in addressing the unique exposures of commercial residential property owners, serves as a custodian of peace of mind for its policyholders. Learn more at https://crestwelluw.com/

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).