Palisades and Narragansett Bay Insurance Announce Agreement to Offer Coastal Home Insurance to NJ Customers
BERKELEY HEIGHTS, NJ – Palisades Safety and Insurance Management Corporation and Narragansett Bay Insurance Company (NBIC) announced they have entered into an agreement allowing NBIC to offer coastal home insurance renewal quotes to former Proformance Insurance Company customers. Palisades acquired Proformance on August 1, 2008.
Palisades, one of the largest independent agent auto insurers in New Jersey and NBIC, who offers property insurance products to homeowners, announced this arrangement at a meeting on May 21 at the Forsgate Country Club in Monroe Township to 150 independent insurance agents.
“Our partnership with Narragansett is about taking care of customers and our independent agents by providing them with options,” said Ed Fernandez, president and CEO of Palisades. “We are excited to find a quality and financially strong home insurance partner like Narragansett to offer these solutions,” he said.
At the meeting, NBIC executive vice president Geoff Hunt discussed NBIC’s strategic objectives for New Jersey and committed to offering renewal coverage to coastal customers. Mr. Hunt also shared NBIC’s plan to grow in New Jersey by offering new agency appointments, book conversions and writing new inland home insurance business.
“Through our unique system of predictive modeling, we are able to properly select and price homeowner insurance designed for today’s marketplace,” said Mark Talerico, NBIC’s chief risk officer.
Narragansett will begin extending offers to customers on August 1, 2009.
About Palisades
Palisades is the nice New Jersey car insurance company that gives you more. Drivers and agents get more reasons to smile with more value, friendly New Jersey expertise, and service done right. Palisades sells exclusively through over 300 independent agents and is a leader in the fast settlement of claims. Palisades Safety and Insurance Management Corporation is a Plymouth Rock managed company. The Plymouth Rock Companies write and manage more than $1 billion in personal and commercial auto and homeowner’s insurance across the Northeast. Palisades Safety and Insurance Management Corporation is the Attorney-in-Fact of Palisades Safety and Insurance Association (PSIA). Insurance is written by PSIA and its two wholly-owned insurers, Palisades Insurance Company and Palisades Property and Casualty Insurance Company (collectively “Palisades”).
About Narragansett Bay Insurance
Headquartered in Pawtucket, Rhode Island, NBIC offers specialty insurance products and services to homeowners through its independent insurance agent network. Narragansett Bay Insurance Company and its predecessors have been meeting its obligations to its agents, partners, and customers since 1848. Backed by highly rated reinsurers, Narragansett Bay Insurance has undergone a rigorous examination of its financial security and has received an “A, Exceptional” Financial Stability Rating (FSR) by Demotech, Inc., an independent financial analysis and actuarial services firm for property and casualty insurers.
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