By James Thaler

April 24 - (The Insurer) – Emerald Bay’s chief financial and chief operating officer Kris Hill is leaving the company a little over a year after joining, marking the latest management shake-up at the Bain-backed startup carrier.

Sources with direct knowledge of the matter said Hill is leaving the company on her own accord to pursue other opportunities within the industry. A spokesperson for Emerald Bay declined to comment.

Hill joined Emerald Bay in February 2024 after a little over a year out of the market.

She previously served for more than three years as president of alternative markets at QBE North America where she had oversight of programs, personal lines and agency generated business.

Before taking on that role she served for more than two years as QBE North America’s CFO.

She previously spent 16 years at Liberty Mutual and Safeco, which Liberty acquired in 2008.

At Safeco she held a variety of accounting and finance roles, including as CFO for Safeco after it was acquired and held senior roles within Liberty's surety operations.

She left QBE in a management shake-up that included the exits of North America chief underwriting officer John Beckman, head of programs Glenn Skrynecki and QBE North America's head of core commercial and workers comp programs Julie Hespe.

Hill's exit from Emerald Bay also comes as the startup firm, which formally launched in March 2024 with an A-rating from AM Best and $100 million in committed capital from Bain Capital, has dealt with significant management turnover.

Program Manager broke the news in December that founding CEO Dave Ingrey and head of business development Ken Ingrey were leaving only nine months after Emerald Bay was officially launched.

The executives, who were also part of the founding management team at Spinnaker, which was subsequently sold to Hippo, are both understood to be investors in Emerald.

The reasons for the exits could not be confirmed, but well-placed sources at the time pointed to a potential divergence of views on the direction of the company.

Program Manager also exclusively reported last week that Emerald Bay co-founder and chief risk officer Miles Allkins was exiting the company, a move that came swiftly on the heels of former Liberty Mutual North America program president Tracey Sharis taking the reins as CEO of the startup specialty insurer.

Program Manager was the first to report last month that Sharis had been appointed the company’s new CEO.