PAWTUCKET, R.I., Oct. 7 Narragansett Bay Insurance Companyannounced that it has entered into a renewal rights agreement with AdirondackInsurance Exchange. The agreement involves over 4,500 policies with premiumsof approximately $10 million and will result in the appointment of independentagents who currently service the accounts.
As a specialty underwriter focusing on single-family, owner occupied homesin the Eastern seaboard states, Narragansett Bay has been able to grow itsmarket share through disciplined underwriting and catastrophe risk management.
"The acquisition of the Adirondack policies demonstrates our determinationto grow our homeowners business and our ability to add capacity. This hasbeen accomplished by an experienced and disciplined management team backed bysome of the best independent insurance agents in the industry," says Stewart"Nick" H. Steffey, Jr., Chief Executive Officer of Narragansett Bay.
Having emerged from the former Pawtucket Mutual, Narragansett BayInsurance recently acquired a funding agreement totaling $200 million fromthree private equity investors to grow the company's homeowners business.Backed by highly rated reinsurers, the company has undergone a rigorousexamination of its financial security and has received an "A Exceptional"Financial Stability Rating (FSR) by Demotech, Inc., an independent financialanalysis and actuarial services firm for property and casualty insurers.
"The depth of analytics that we apply directly to the homeowners market inthe Northeast has usually been reserved to more catastrophe prone areas likeFlorida, Louisiana and California," explains Mark Talerico, Chief Risk Officerfor Narragansett Bay.
Through the application of stochastic simulation models, where differentparameters of hurricanes are promulgated through a landscape, Narragansett Bayhas the ability to estimate the damage to portfolios. By analyzing theprobability distribution of loss, Narragansett Bay is able to determinecompetitive homeowner's rates.
Headquartered in Pawtucket, Rhode Island, Narragansett Bay InsuranceCompany, offers specialty insurance services and products to homeownersthrough a select network of independent agents along the Eastern seaboard.Narragansett Bay Insurance has been meeting its obligations to its agents,partners, and customers since 1848.
Adirondack Insurance Exchange is managed by Adirondack AIF LLC, a memberof OneBeacon Insurance Group, a NYSE-traded company with roots dating back to1831.
SOURCE Narragansett Bay Insurance Company