Nixon Peabody Works with Providence Insurance Managers in Purchase of Pawtucket Mutual

Providence Insurance Managers LLC, an investor group whose shareholders include insurance and investment professionals, has been chosen as the successful bidder to acquire Pawtucket Mutual Insurance Company and its subsidiary, Narragansett Bay Insurance Company, subject to regulatory approval and final approval by the Rhode Island Superior Court. Nixon Peabody LLP has served as counsel to Providence Insurance Managers during this process.

Pawtucket Mutual was established in 1848 and is a mutual property and casualty insurance company domiciled in Rhode Island and licensed to sell insurance in 11 states. Narragansett Bay, founded in 1981, is licensed in four states.

The companies were placed into rehabilitation by the Rhode Island Superior Court at the request of the Department of Business Regulation (DBR) in May 2003 due to failing financial condition.

Providence Insurance Managers reportedly plans to supply fresh capital, insurance experience and a solid business plan to successfully recapitalize the companies.

Latest Comments

• May 3, 2005 at 12:37 pm

  Janale Jones says:

  Greetings, I am the payee administrator to 22 mortgage companies. It is my primary responsibility to direct processors as to where to send premium payments for policies. If yo... read more
• April 25, 2005 at 12:59 pm

  Eric Bradlee says:

  To: Stewart Steffey, President Providence Insurance Managers, LLC Stewart, Please send me your contact information at eric_bradlee@firstnotice.com. Our company offers arriers ... read more
• April 21, 2005 at 8:53 am

  Sol Weinstein says:

  Best of luck to you. It was a shame to see a company such as Pawtucket go through such a demise.