Narragansett Bay founder Nick Steffey will continue as Executive Chairman
The Rhode Island-based homeowner’s insurance company has announced that Todd Hart has been named the company’s new Chief Executive Officer. The announcement was made earlier this week after a national search effort. Nick Steffey, the founder and current CEO of Narragansett Bay will continue on in the role of Executive Chairman.
“Todd has a rare combination of gifts, which is why I am excited that he will lead our team and bring Narragansett Bay to its next phase of development,” said Nick Steffey. “He brings an energetic, entrepreneurial mindset and experience base that combines intellectual rigor with analytical skills, operational savvy, and a track record of building high performance teams.”
Mr. Hart, who most recently served as the CEO of the Swiss-based Glacier Group, has over twenty years experience in a variety of leadership position in the financial services and investment management sectors. In addition, he managed insurance and catastrophic risk investments and trading at the Dallas-based hedge fund, HBK Capital Management (since 2003), and its related entities (since 2000) as well as working for nine years in New York City for JP Morgan & Co., where he identified and executed mergers and financing of Fortune 1000 clients.
He received his AB in Economics from the University of North Carolina, where he was also a Morehead Scholar. His C.V. also includes being a Henry Luce Foundation Scholar, with a grant that allowed him to work and study in the emerging markets in Asia at the Securities Exchange of Thailand. He received his MBA from Harvard Business School. While currently a resident of Dallas, Mr. Hart will relocate to the Rhode Island area.
“It is an honor to be named Narragansett Bay’s second Chief Executive Officer, especially following in Nick’s footsteps. Nick Steffey and his leadership team have been able to transform this company into a leading monoline homeowners carrier in the Northeast,” said Mr. Hart. “We are fortunate that Nick will continue to help build the Narragansett Bay Insurance brand while we ensure that the company is operationally responsive to the opportunities we see in the market.”
For his part, in his new role as Executive Chairman, Mr. Steffey plans to work with agency partners as well as to act as a spokesperson and ambassador for Narragansett Bay. It was under Mr. Steffey’s leadership, that NBIC, one of the oldest insurers in New England, was able to conduct a complete transformation of the carrier into a stock company focusing on homeowner’s insurance in the Northeast. In an area where many other homeowner insurance companies are retreating from the market, NBIC now insures over 110,000 customers in four states.
“I am proud to have been part of building Narragansett Bay into a leading specialty insurer in the Northeast, and I look forward to working with Todd Hart and our leadership team to enable the company to achieve its potential,” said Mr. Steffey.