Narragansett Bay Insurance Provides New Option for New Jersey Homeowners

Thu Apr 23, 2009 5:54am EDT

* Reuters is not responsible for the content in this press release.

PAWTUCKET, R.I., April 23 /PRNewswire/ -- Narragansett Bay Insurance Company
(NBIC) announced that it has been granted a license to write property and
casualty insurance in the State of New Jersey. Licensed in Rhode Island,
Massachusetts, and New York, NBIC has become a strong and consistent provider
of homeowners insurance as well as an industry leader in risk analytics.

In 2008, NBIC acquired additional funding of $200 million from three highly
experienced and successful private equity investors to fund the growth of
NBIC's homeowners business along the Atlantic Seaboard. 

The company's management team includes some of the most experienced and
accomplished insurance executives in the industry who have significant stock
ownership in the company.

Backed by highly rated reinsurers, Narragansett Bay Insurance 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.

Geoff Hunt, Executive Vice President and Treasurer of NBIC, remarked, "We are
very excited about our entry into New Jersey. Through market research, we have
determined that there is a significant need for additional admitted homeowners
insurance capacity. NBIC looks forward to bringing significant capacity to
leading independent agents in New Jersey. We are very appreciative of the time
and effort that the Insurance Department of New Jersey took to understand our
risk analytics, which we believe will make a significant difference in the
competitive landscape of the Garden State. We expect to start underwriting on
July 1, 2009."

About Narragansett Bay Insurance
Narragansett Bay Insurance Company, headquartered in Pawtucket, Rhode Island,
offers specialty insurance services and products to homeowners through a
select network of independent agents. Narragansett Bay Insurance and its
predecessors have been meeting its obligations to its agents, partners, and
customers since 1848. To learn more about Narragansett Bay Insurance Company,
visit www.nbic.com.

For more information contact Narragansett Bay Insurance at nbic-nj@nbic.com


 
SOURCE  Narragansett Bay Insurance Company

John Houle, +1-401-831-6123, nbic-nj@nbic.com
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