Pawtucket, R.I.-based Narragansett Bay Insurance Company has named Todd Hart as the new chief executive officer after a national search. Narragansett Bay founder Nick Steffey, who has stepped down from the CEO role, will continue as executive chairman.As the new CEO, Hart will be responsible for executing the insurer’s multi-year strategic plan and lead the management team in assuring underwriting effectiveness, risk management, production efficiency, quality service, and cost management.
Hart has over 20 years of experience in a variety of financial services leadership, investment management and analytical posts. Most recently, he served as CEO of the Swiss-based Glacier Group, where he led the company’s strategy reorganization and provided operational management in underwriting, claims and risk.
Prior to that role, he managed insurance and catastrophic risk investments and trading at the Dallas-based hedge fund, HBK Capital Management (since 2003), and its related entities (since 2000). During that time, he chaired or served on the underwriting, compensation, investment and finance, risk management, accounts and audit committees of the boards of directors of a variety of HBK investments. Previously, he worked for nine years in New York for JP Morgan & Co., where he identified and executed mergers and financing of Fortune 1000 clients.
In his role as executive chairman, Steffey will work with agency partners to continue to build Narragansett Bay’s brand and serve as spokesperson and ambassador, representing the company before industry and government organizations.
The company stated that under Steffey’s leadership, Narragansett Bay Insurance — one of the oldest insurers in New England — was rehabilitated, turned into a stock company, and provided with $200 million in private equity capital. By focusing on homeowners insurance in a region where many other homeowners writers are retreating, Narragansett Bay Insurance now insures over 110,000 customers in four states.
Headquartered in Pawtucket, R.I., Narragansett Bay Insurance offers specialty insurance services and products to homeowners through a network of independent agents along the eastern seaboard. The company currently provides homeowners coverage in Massachusetts, New Jersey, New York and Rhode Island – with plans to add additional states.