Projo Biz Blog

Narragansett Bay Insurance Co. announced today that three private firms have agreed to invest a total of $200 million in the company, allowing it to expand its homeowners business along the Eastern seaboard.

Among the investors is Pine Brook Partners LLC, a New York-based private equity firm co-founded in 2006 by Michael McMahon, a former Rhode Island economic development official.

NBIC, headquartered in Pawtucket, offers insurance to homeowners through a network of independent insurance agents in Rhode Island, Massachusetts and New York. The company is a subsidiary of Blackstone Financial Group, the successor to the once-ailing Pawtucket Mutual Insurance Co. Blackstone acquired the former Pawtucket Mutual in December 2005 after it had been operating under state control for more than two years.

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