Pawtucket, Rhode Island-based Narragansett Bay Insurance Co. said it’s been granted a license to write property and casualty insurance in New Jersey.
New Jersey would be the fourth state where the company can write coverage — inculding Rhode Island, Massachusetts and New York. News of the expansion into New Jersey follows a statements last year by company execs of plans to expand Narragansett’s presence on the Atlantic Seaboard.
Over the last few months, Narragansett has added several new execs, including a former Massachusetts insurance commissioner who the company said could help it navigate its expansion efforts.
Last year, Narragansett received a $200 million injection of private equity funding to fund its growth.
“We are very excited about our entry into New Jersey,” said Geoff Hunt, executive vice president and treasurer of NBIC. “NBIC looks forward to bringing significant capacity to leading independent agents in New Jersey.”
The company plans to begin underwriting in the state by July 1.
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