OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Mainsail Insurance Company (Mainsail) (Austin, TX). The outlook assigned to these Credit Ratings (ratings) is stable.
Mainsail joins the Emerald Bay Risk Solutions, LLC (Emerald Bay) organization as a wholly owned subsidiary of Emerald Bay Specialty Insurance Company (EBSIC). The ratings reflect EBSIC’s consolidated balance sheet strength assessed as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Mainsail provides property/casualty coverage offering varying lines of business in the admitted market. Mainsail is a wholly owned subsidiary of EBSIC and was acquired on July 31, 2024. Following the acquisition, the two companies entered into a reinsurance pooling arrangement in which Mainsail will cede 100% of its ultimate net liability under all policies to EBSIC. The agreement will continue to be automatically renewed annually. The acquisition of Mainsail aligns with Emerald Bay’s strategic goal in adding an admitted carrier to its platform.
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