PAWTUCKET, R.I., Oct. 7 Narragansett Bay Insurance Company
announced that it has entered into a renewal rights agreement with Adirondack
Insurance Exchange. The agreement involves over 4,500 policies with premiums
of approximately $10 million and will result in the appointment of independent
agents who currently service the accounts.
As a specialty underwriter focusing on single-family, owner occupied homes
in the Eastern seaboard states, Narragansett Bay has been able to grow its
market share through disciplined underwriting and catastrophe risk management.
"The acquisition of the Adirondack policies demonstrates our determination
to grow our homeowners business and our ability to add capacity. This has
been accomplished by an experienced and disciplined management team backed by
some 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 Bay
Insurance recently acquired a funding agreement totaling $200 million from
three private equity investors to grow the company's homeowners business.
Backed by highly rated reinsurers, the company has undergone a rigorous
examination of its financial security and has received an "A Exceptional"
Financial Stability Rating (FSR) by Demotech, Inc., an independent financial
analysis and actuarial services firm for property and casualty insurers.
"The depth of analytics that we apply directly to the homeowners market in
the Northeast has usually been reserved to more catastrophe prone areas like
Florida, Louisiana and California," explains Mark Talerico, Chief Risk Officer
for Narragansett Bay.
Through the application of stochastic simulation models, where different
parameters of hurricanes are promulgated through a landscape, Narragansett Bay
has the ability to estimate the damage to portfolios. By analyzing the
probability distribution of loss, Narragansett Bay is able to determine
competitive homeowner's rates.
Headquartered in Pawtucket, Rhode Island, Narragansett Bay Insurance
Company, offers specialty insurance services and products to homeowners
through 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 member
of OneBeacon Insurance Group, a NYSE-traded company with roots dating back to
1831.
SOURCE Narragansett Bay Insurance Company
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