National Atlantic Holdings Corp., a provider of specialized property/casualty insurance products and related insurance services in New Jersey, announced that the replacement carrier transaction agreement between its subsidiary, Proformance Insurance Company, and The Hartford Financial Services Group Inc. has received final approval from the New Jersey Department of Banking and Insurance.
Under the terms of the agreement, subsidiaries of The Hartford will transfer their renewal obligations for New Jersey homeowners, dwelling fire, and personal excess liability policies sold through independent agents to Proformance. The transaction will involve approximately 8,500 policies.
National Atlantic distributes its products exclusively through independent insurance agents, known as “Partner Agents,” who are required to become shareholders in National Atlantic in order to represent the company as an agent. The company offers insurance products through its subsidiaries, Proformance Insurance Company and Mayfair Reinsurance Company, and insurance-related services through Riverview Professional Services and the National Atlantic Insurance Agency.
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