New Jersey’s Proformance Insurance Company announced that it has agreed to acquire the New Jersey auto and homeowners insurance business of Sentry Insurance, a Mutual Company of Stevens Point, Wisconsin.
Proformance valued the transaction at $4.75 million, and indicated that Sentry would continue “to operate in New Jersey for business insurance, which is not affected by this transaction.”
In a company announcement Executive VP Cynthia L. Codella, described the transaction as benefiting both policyholders and insurance carriers. “This acquisition will provide improved coverage and in-state customer service for the 9,150 transferred New Jersey policyholders, while bringing new capital and new jobs to the Garden State,” she stated.
Codella also stressed that the acquisition “is a further indication of Proformance’s belief that New Jersey is becoming a better state in which to do personal insurance business.”
The bulletin noted that Proformance commenced business in 1994 with the goal of providing improved auto and homeowners insurance products for New Jersey residents. It was started by 75 New Jersey insurance agencies, and distributes its insurance products and services exclusively in New Jersey via appointed insurance agencies located throughout the state. It is a wholly owned subsidiary of National Atlantic Holdings Corporation, which is also a New Jersey based corporation.
The bulletin noted that “the National Atlantic Insurance Agency, Inc. of Freehold, an affiliated company of Proformance, will provide normal agency customer service for the transferred customers.”
National Atlantic president John Scanlan, indicated, “We are pleased with this transaction and look forward to providing our new customers with excellent service. We are proud of our service record and will provide toll free 800 telephone service as well as credit card premium payment options to our new customers. We will be adding new employee representatives to our staff to maintain our service standards to the new customers.”
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