Narragansett Bay Insurance Company Press Releases


Press Releases

Heritage to Acquire Narragansett Bay Insurance for $250 million
Heritage Insurance Holdings, Inc. (NYSE:HRTG) (“Heritage” or the “Company”), a property and casualty insurance holding company, today announced that it has signed a definitive agreement to acquire NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company (“NBIC”), a leading specialty underwriter of personal residential insurance products and services in states along the Eastern seaboard. The purchase price for the acquisition will be $250 million, subject to post-closing adjustments. The acquisition will be financed with $210 million in cash and $40 million of the Company’s common stock. The combined entity will be a leading super regional personal lines carrier, with a presence in 12 states and over $900 million of gross premiums written. The transaction is expected to be immediately accretive to earnings per share and ROE.
Exciting Announcement - Heritage Acquires NBIC
I would like to share with you that NBIC has signed an agreement to be acquired by Heritage Insurance Holdings, a publicly-held property and casualty insurer based in Florida with $630 million in gross premiums written. We expect the transaction to close in the fourth quarter of 2017.
Guaranteed Replacement Cost now available in NJ, RI, MA & NY
Narragansett Bay Insurance introduced Guaranteed Replacement Cost Coverage to the states of New Jersey on 06/15/2015, Rhode Island on 08/22/2015 and Massachusetts on 02/01/2016. We will now be expanding the offering of Guaranteed Replacement Cost to the state of New York for new policies issued (and renewal business processed) on or after 06/15/2016. If your home is destroyed by a covered peril, Guaranteed Replacement Cost will provide coverage to repair or rebuild your home as it was before even if the cost exceeds your Coverage A limit.
Peter Hutchinson Named Assistant Vice President – Rhode Island and Massachusetts for Narragansett Bay Insurance
Narragansett Bay Insurance Company announced that Peter Hutchinson has been named the company’s Assistant Vice President – Rhode Island and Massachusetts Territory Manager. Mr. Hutchinson will be responsible for developing and maintaining strong and productive partnerships with NBIC’s agents and industry associations, driving profitable growth, and ensuring exceptional service delivery in Rhode Island and Massachusetts.
Service Line Coverage now available in NY, NJ & MA
NBIC is thrilled to begin offering the valuable endorsement "Service Line Coverage" to the states of New York, New Jersey and Massachusetts effective 06/15/2016. Service Line Coverage is an optional endorsement which provides payment for loss or damages resulting from a service line failure. A service line constitutes underground piping and wiring that is located at the residence premises and produces a service, such as delivering water or power to the dwelling or other structure from a utility or private water supply. A service line failure is physical damage that results in a leak, break, tear, rupture, collapse or arcing of a covered service line. Many utility carriers offer this protection for $75-100 or more annually. NBIC's Service Line Coverage has a $10,000 limit with just a $500 deductible and costs only $22 per year!
Narragansett Bay Approved to Write Property and Casualty Insurance in Connecticut
Narragansett Bay Insurance Company ("NBIC") announced that the company has been approved by the Connecticut Department of Insurance to write property and casualty insurance in Connecticut. Committed to expanding its presence along the Eastern Seaboard, Connecticut will mark the fifth state where the company provides homeowners insurance. The company is already a leading provider of homeowners insurance in Rhode Island, Massachusetts, New York, and New Jersey.
Preventing Frozen Pipes
Narragansett Bay Ranked as One of the Fastest Growing Companies in SNE
Fastest Growing Private Companies, $75 Million and Above
Narragansett Bay Promotes 13 Employees
Timothy Moura Named Senior VP at NBIC
Narragansett Bay Insurance Company (“NBIC”) announced today that Timothy Moura has been named the company’s Senior Vice President, Marketing, Agency and Client Services.
NBIC increasing its commitment to coastal homeowners
Narragansett Bay Insurance Company (NBIC), one of the region’s leading insurers of coastal homes, has increased its commitment to insure coastal properties on Cape Cod, Plymouth County, the North Shore, Nantucket, Martha’s Vineyard, and Rhode Island through select agency partners.
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