Narragansett Bay Insurance Company is a subsidiary of a larger insurance holding company called Encompass Insurance Group, which in turn is owned by a private equity firm called The Carlyle Group. The Carlyle Group is a global investment firm that manages a diverse portfolio of assets, including private equity, real estate, and credit. Narragansett Bay Insurance Company primarily underwrites property and casualty insurance policies for individuals and businesses in the Northeast United States.
Narragansett Bay Insurance Company
Narragansett Bay Insurance Company, headquartered in Providence, Rhode Island, and established in 1897, was a leading regional insurer in the Northeast. The company offered various insurance products, including homeowners, auto, and business insurance, primarily through independent agents.
Narragansett Bay’s Acquisition by Amica Mutual Insurance Company
In March 2022, Amica Mutual Insurance Company (Amica), a national insurer headquartered in Lincoln, Rhode Island, announced its agreement to acquire Narragansett Bay Insurance Company. The acquisition was completed on July 1, 2022, and the two companies combined operations under the Amica brand.
Benefits of the Acquisition for Narragansett Bay Customers
- Access to a broader range of insurance products and services
- Continuity of coverage and claims handling
- Financial stability and security
- Enhanced customer service and support
Timeline of the Acquisition
- March 2022: Amica announces agreement to acquire Narragansett Bay
- April 2022: Regulatory approvals obtained
- July 1, 2022: Acquisition completed and operations combined
- Narragansett Bay Insurance Company was founded in 1920 as a small, local insurance agency.
- Over the years, the company grew and expanded its operations throughout Rhode Island and neighboring states.
- In 2005, Narragansett Bay Insurance Company became a wholly-owned subsidiary of The Navigators Group, a publicly traded insurance holding company.
- Amica Financial Life Insurance Company
- Amica Specialty Insurance Company
- Amica Service Corporation
- Amica Underwriting Services, Inc.
- Narragansett Bay Insurance Company
- Auto Insurance
- Homeowners Insurance
- Condo Insurance
- Renters Insurance
- Flood Insurance
- Umbrella Insurance
- Business Auto Insurance
- Commercial Property Insurance
- General Liability Insurance
- Workers’ Compensation Insurance
- Cyber Liability Insurance
- Errors and Omissions Insurance
- Homeowners/Auto Insurance Package
- Condo/Auto Insurance Package
- Renters/Auto Insurance Package
- Commercial Package Policy
Impact on Employees
The majority of Narragansett Bay employees retained their positions after the acquisition. Amica is committed to providing employees with growth and development opportunities within the combined organization.
Comparison of Narragansett Bay and Amica
| Characteristic | Narragansett Bay | Amica |
|---|---|---|
| Headquarters | Providence, RI | Lincoln, RI |
| Founded | 1897 | 1907 |
| Coverage Area | Northeast | Nationwide |
| Product Line | Homeowners, auto, business | Homeowners, auto, business, life, umbrella |
| Distribution Channel | Independent agents | Independent agents, direct sales |
About Narragansett Bay Insurance Company
Narragansett Bay Insurance Company is a regional insurance provider based in Rhode Island. It offers a range of personal and commercial insurance products, including homeowners, auto, business, and specialty insurance.
History and Background
Ownership Structure
| Owner | Percentage Ownership |
|---|---|
| The Navigators Group | 100% |
Ownership Structure of Narragansett Bay Insurance Company
Narragansett Bay Insurance Company is a wholly-owned subsidiary of Amica Mutual Insurance Company.
Subsidiaries of Amica Mutual Insurance Company
Ownership of Narragansett Bay Insurance Company
Narragansett Bay Insurance Company (NBIC) is a wholly-owned subsidiary of Amica Mutual Insurance Company. Amica is a large, multi-line insurance carrier that has been providing insurance products and services for over 100 years.
Insurance Products and Services Offered by Narragansett Bay
NBIC offers a wide range of insurance products and services for both personal and commercial customers, including:
Personal Insurance
Commercial Insurance
NBIC also offers a variety of package policies that combine different types of coverage into a single policy, such as:
| Coverage Included | Homeowners/Auto Package | Condo/Auto Package | Renters/Auto Package | Commercial Package Policy |
|---|---|---|---|---|
| Auto Insurance | Yes | Yes | Yes | Optional |
| Homeowners Insurance | Yes | No | No | Optional |
| Condo Insurance | No | Yes | No | Optional |
| Renters Insurance | No | No | Yes | Optional |
| General Liability Insurance | No | No | No | Yes |
| Workers’ Compensation Insurance | No | No | No | Yes |
Welp, there you have it, folks! The curtain has been lifted on the enigmatic ownership tale of Narragansett Bay Insurance Company. Now that you’ve navigated these insurance-y seas with us, we hope you have a clearer understanding of who’s in charge of protecting your precious possessions. Thanks for sticking around until the end. Remember, insurance is like a boat – it’s there to keep you afloat in the choppy waters of life. So, if your policy ever gets a little wonky, don’t be shy! Give these guys a holler – they’ve got your back. Keep an eye out on our website for more insurance unravelling and remember to swing by later for updates and more jaw-dropping reveals. Until then, may the insurance gods be with you!