Company Research Report: Narragansett Bay Insurance Company (NBIC)

Company Overview

• Name: Narragansett Bay Insurance Company

• Mission: To provide peace of mind to responsible homeowners living in coastal regions.

• Founded: Information on the founding date or founder is not provided.

• Key People:

• Timothy Moura - President

• Kirk Lusk - Chief Financial Officer

• Glen Tiziani - Senior Vice President, Sales & Distribution

• David H. Deacon, Jr. - Senior Vice President, Product Management

• Headquarters: Johnston, Rhode Island

• Number of Employees: No information is available.

• Revenue: No detailed revenue information is available; however, NBIC is one of the largest coastal homeowners insurance carriers in the Northeast with approximately $330 million in total premiums.

• Known For: Specializing in homeowners insurance products across the Eastern Seaboard and California.

Products

Homeowners Insurance Policy

• Description: Provides coverage for single-family, townhouse or duplex homes. Covers owner-occupied, secondary, and seasonal homes as well as rental properties.

• Key Features:

• Dwelling coverage against most perils

• Personal liability and medical payments coverage

• Loss of use coverage

• Personal property and valuables coverage

• Optional endorsements such as Mariner Plus, personal umbrella, equipment breakdown, service line coverage, and flood endorsement.

Condo Insurance Policy

• Description: Covers personal property of a condo unit owner.

• Key Features:

• Personal liability

• Loss assessments

• Contents and betterments coverage

• Optional replacement cost on personal property and identity theft coverage.

Tenants (Renters) Insurance Policy

• Description: Specific product information is not detailed.

Dwelling Insurance Policy

• Description: Designed for landlords insuring rented single-family or duplex homes.

• Key Features:

• Coverage for loss of rents

• Personal liability and medical payments

• Optional ordinance and law coverage, replacement cost on personal property, and theft coverage.

Commercial Residential Insurance

• Description: Targets property owners, board of directors, and property managers in condo, apartment, and other communities.

• Key Features:

• Offers tailored products for condominium associations, homeowner associations, continuing care retirement communities, and apartment complexes.

Recent Developments

• Recent Appointments:

• On February 13, 2018, Timothy Moura was appointed as President of NBIC, focusing on strategic initiatives and growth.

• Partnerships and Acquisitions:

• November 27, 2017, Heritage Insurance Holdings, Inc. obtained regulatory approval to acquire NBIC Holdings, Inc.

• The acquisition was valued at $250 million and included $210 million in cash and $40 million in common stock of Heritage.

• Strategic Enhancements:

• Continued expansion and competitive product offerings with an emphasis on superior risk management through the ShelterPride® program.

Unique Approaches and Programs

• ShelterPride® Program:

• A risk appraisal and underwriting program that provides personalized interior and exterior surveys to ensure adequate policyholder coverage and safety risk alerts.

• Financial Strength:

• NBIC holds a Financial Stability Rating® of “A, Exceptional” by Demotech, Inc.