Projo Biz Blog

Narragansett Bay Insurance Co., based in Pawtucket, this morning said it 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.

"The acquisition of the Adirondack policies demonstrates our determination to grow our homeowners business and our ability to add capacity," said 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 expand the company's homeowners business.

Backed by highly rated reinsurers, the company has received an "A Exceptional" Financial Stability Rating by Demotech, Inc., an independent financial analysis and actuarial services firm for property and casualty insurers.

Adirondack Insurance Exchange is managed by Adirondack AIF LLC, a member of OneBeacon Insurance Group.

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