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Timothy Moura Named President of Narragansett Bay Insurance Company

February 13, 2018
PAWTUCKET, R.I. (February 13, 2018) — Timothy Moura has been named President of Narragansett Bay Insurance Company (“NBIC”) and will be responsible for directing the operations of the company and leading its strategic initiatives to drive continued profitable growth. NBIC is one of the largest coastal homeowners insurance carriers in the Northeast with approximately $330 million in total premiums, and is focused on providing valuable products and services to agents and customers in the markets it serves. Mr. Moura’s new role follows the recent announcement of the acquisition of NBIC by Heritage Insurance Holdings, Inc. (NYSE: HRTG) (“Heritage”). Together, the combined organization operates as a superregional property insurer with almost $1 billion in total premiums across twelve states.

Heritage to Acquire Narragansett Bay Insurance for $250 million

August 8, 2017

Heritage to Acquire Narragansett Bay Insurance for $250 million to Create Leading Super Regional Personal Lines Carrier

Clearwater, Fla., August 8, 2017 – 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.
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Narragansett Bay Insurance Company
Attn: Media Contact
P.O. Box 820
Pawtucket, RI 02860-0820
[email protected]

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