Concord, New Hampshire-based Phenix Mutual Fire Insurance Co.,
will become an affiliate of The Motorists Insurance Group, Phenix announced.
The agreement must be approved by regulators in New Hampshire and Ohio, where Motorists is headquartered.
Phenix, which operates in New Hampshire, Maine, Vermont, Massachusetts, Rhode Island and South Carolina, had $26.5 million in direct and assumed written premium last year.
As part of the agreement, Phenix will pool its premium, losses and underwriting expenses with other companies in the group.
“I am excited about this positive step in Phenix Mutual’s history,” said Rolf H. Gesen, president and chief executive officer. “The affiliation will enable us to maintain a high level of service to policyholders and agents, offer our agency force new products and give the company
access to financial and other critical resources through The Motorists Insurance Group.”
John J. Bishop, chairman, president and chief executive officer o Motorists said the affiliation was “an excellent fit” for both companies and that “Phenix Mutual’s associates share our group’s values, management philosophy and believe strongly in the independent agency system,”
Bishop added that Phenix Mutual has enjoyed a “long-term market presence with a loyal agency force in its operating states, most of which represent new markets and significant future growth opportunities for The Motorists Insurance Group.”
Source: Phenix Mutual Fire Insurance Co.
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