The Narragansett Bay Insurance Company announced last week that it will offer home insurance renewal policies to State Auto Customers in Massachusetts and Rhode Island. State Auto had recently announced to its Massachusetts and Rhode Island independent agents that it would continue to write business insurance and farm insurance in Massachusetts, but will not be renewing any insurance lines in Rhode Island.
“Our partnership with Narragansett Bay is about taking care of customers and our independent agents by providing them with options,” said Charles McShane, Jr., Regional President, Eastern Region at State Auto.
Nick Steffy, Chief Executive Officer of NBIC added that at his company, “We are excited to be able to provide a growing and stable homeowners market in the northeast as other carriers reexamine their strategies. This allows us to grow both our current independent agents and new agent partners.”
Narragansett Bay is a homeowner’s only insurance company based in Pawtucket, Rhode Island. The company currently provides homeowner’s coverage along the Eastern Seaboard in Massachusetts, New Jersey, New York and Rhode Island and offers its products through independent agents.
Representatives from both companies have already begun meeting with agents in both states who have customers that will be affected by this transfer. They plan to discuss and outline the details and timing of the transition. NBIC will begin extending offers to former State Auto customers starting January 1, 2012 and will likely involved some 10,000 policies with premiums of approximately $9million.
Frank Mancini, President & CEO of Massachusetts Association of Insurance Agents and Mark Male, Executive Vice President of the Independent Insurance Agents of Rhode Island made a joint statement saying, “We recognize that there continues to be consolidation and market retrenchment especially in coastal states. We are encouraged and applaud NBIC and State Auto for working together to develop a cooperative solution for the independent agents and their customers.”