What Narragansett Bay does

Narragansett Bay Insurance Company (NBIC) is a specialty underwriter of personal and commercial residential property insurance, headquartered in Johnston, Rhode Island. The company was founded in 1981 and operates today as a wholly owned subsidiary of Heritage Insurance Holdings, Inc. (NYSE: HRTG), which acquired NBIC Holdings for $250 million in November 2017. NBIC's core product is homeowners insurance for responsible homeowners in coastal regions, supplemented by condo, tenants/renters, dwelling fire, and commercial residential policies for landlords, HOAs, condo associations, and apartment complexes. The company's principal proprietary differentiator is ShelterPride, a registered-trademark in-person home risk appraisal and underwriting program that conducts interior and exterior surveys to verify replacement-cost coverage, identify safety risks, and qualify policyholders for applicable credits. Endorsements such as Mariner Plus, Personal Umbrella, Equipment Breakdown, Service Line, and a private Flood Endorsement round out the product suite.

NBIC generates revenue through recurring insurance premiums collected via online, phone, and mail channels, distributed exclusively through an extensive network of independent insurance agents across nine states — Connecticut, Delaware, Maryland, Massachusetts, New Jersey, New York, Rhode Island, Virginia, and California (operated on a surplus lines basis). As of 2018, the company wrote approximately $330 million in total premiums and was described as one of the largest coastal homeowners insurance carriers in the Northeast. The company carries a Demotech Financial Stability Rating of 'A, Exceptional', which is accepted by Fannie Mae, Freddie Mac, and HUD programs, and operates with an employee base in the 51–100 range led by an executive team averaging 20–30+ years of insurance industry experience.

Name

Narragansett Bay

Legal name

Narragansett Bay Insurance Company

Website

https://nbic.com

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

51–100 employees

Short description

Narragansett Bay Insurance Company is a Rhode Island-based specialty underwriter of coastal homeowners insurance, wholly owned by Heritage Insurance Holdings, selling through independent agents across nine Eastern seaboard and West Coast states.

Ownership category

akta.pro rank

Product category

Homeowners Insurance

NAICS

Insurance Carriers (5241), Insurance Carriers and Related Activities (524)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Homeowners Insurance (FSAJACAA)

akta.pro secondary industries

Habitational / Residential Property Managers BOP (FSAJAFAN), Flood Insurance (FSAJACAG), Personal Umbrella Insurance (FSAJANAA)

Keywords

• Homeowners insurance
• Property insurance underwriting
• Coastal insurance coverage
• Independent agent network
• Residential property insurance

Headquarters

HQ city

Pawtucket

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Insurance Premiums: Narragansett Bay Insurance Company generates revenue through collecting insurance premiums from policyholders. The company offers multiple insurance products including homeowners, condo, renters/tenants, dwelling fire, and commercial residential policies. Premiums are collected through various payment options including online, phone, and mail payments.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Narragansett Bay Insurance Company is a specialty property insurer that underwrites homeowners, condo, tenants/renters, dwelling fire, and commercial residential insurance policies for customers in coastal and weather-exposed U.S. markets. Products are sold exclusively through an independent agent network and supported by the proprietary ShelterPride in-person home risk appraisal program. The company also offers add-on endorsements including Mariner Plus, Personal Umbrella, Equipment Breakdown, Service Line, and Flood coverage.

Product overview

Narragansett Bay Insurance Company offers a portfolio of homeowners insurance products and related endorsements designed for responsible homeowners, particularly in coastal regions. The core product suite includes Homeowners Insurance Policy, Condo Insurance Policy, Tenants (Renters) Insurance Policy, Dwelling Insurance Policy, and Commercial Residential Insurance. These are complemented by several add-on modules including ShelterPride (a unique risk appraisal program), Mariner Plus Endorsement, Personal Umbrella, Equipment Breakdown, Service Line Coverage, and Flood Endorsement. The company operates as a specialty underwriter serving states along the Eastern seaboard and California through a network of independent agents.

Differentiator

Problem solved

Functional benefit

Brands

• ShelterPride: A unique risk appraisal and underwriting program that provides personalized interior and exterior home surveys to ensure correct coverage based on replacement cost, alerts policyholders to safety risks, and helps them receive credits they deserve.

Products and services

• Homeowners Insurance Policy
• Condo Insurance Policy Coverage for the personal property of a condominium unit owner, including loss assessments and contents/betterments, with optional add-ons such as replacement cost on personal property and identity theft protection. Intended for condo unit owners whose association master policies typically do not cover contents.
• Tenants (Renters) Insurance Policy Personal property and liability insurance for tenants renting residences, protecting their belongings and providing liability protection for tenant-occupied residences.
• Dwelling Insurance Policy Landlord-focused policy for single-family or duplex homes that are rented and not vacant, covering loss of rents, other structures, personal liability, and medical payments to others. Intended for individual residential landlords.
• Commercial Residential Insurance Insurance product for property owners, boards of directors, and property managers of condominiums, apartments, homeowner associations, continuing care retirement communities, and other multi-unit residential communities.
• ShelterPride Risk Appraisal Program NBIC's proprietary risk appraisal and underwriting program providing personalized in-person interior and exterior home surveys to ensure correct coverage based on current replacement cost, alert homeowners to safety risks, and identify potential premium reductions for over-insured homes. Provided at no charge to policyholders.
• Mariner Plus Endorsement Exclusive endorsement adding additional coverages to a homeowners policy, including increased personal liability, medical payment, and household content limits, sewer/drain backup coverage, expanded tree removal, food spoilage, and identity fraud expense coverage.
• Personal Umbrella Liability Liability coverage providing additional security above the limits in homeowners and automobile policies, protecting against large judgments for loss, injury, or death.
• Flood Endorsement Alternative to the National Flood Insurance Program offering competitively priced flood coverage in all flood zones, with flood limits matching homeowner policy limits, replacement cost loss settlement on dwellings, optional replacement cost for contents, and a single-policy, single-bill structure.

Quantifiable outcome

• ShelterPride program may result in premium reductions for over-insured homes
• +1 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Heritage Insurance Holdings, Inc.coreOthersHeritage Insurance Holdings, Inc. (NYSE:HRTG) is the parent company of Narragansett Bay Insurance Company. NBIC is a wholly owned subsidiary of Heritage. Heritage is a property and casualty insurance holding company headquartered in Clearwater, Florida. The acquisition was completed on November 30, 2017, for $250 million ($210 million in cash and $40 million in common stock). The combined entity operates as a super-regional property insurer.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Citizens Property Insurance Corporation: Florida's state-backed insurer of last resort for residential property in catastrophe-exposed areas; a comparable coastal homeowners specialist (though state-backed), serving the same weather-exposed customer set.
• Heritage Insurance Holdings: Public parent of NBIC (NYSE: HRTG) and a super-regional P&C platform writing personal and commercial residential premium across 16+ states — directly comparable as a coastal-focused homeowners carrier with overlapping product and geographic strategy.
• Chubb (Masterpiece Personal Lines): Global P&C leader with a high-net-worth Masterpiece homeowners product serving coastal and high-value homes; comparable to NBIC at the higher end of the coastal homeowners market with risk-appraisal-style underwriting.
• AIG Private Client Group: AIG's high-net-worth personal lines division writing homeowners, umbrella, and auto for affluent coastal households; comparable to NBIC's coastal/responsible-homeowner focus and use of in-home risk assessment for underwriting.
• Hanover Insurance Group: Mid-sized P&C carrier with personal lines (including homeowners) distributed through independent agents across the Eastern US; comparable to NBIC in agent-driven homeowners distribution and Northeastern footprint (and prior employer of NBIC's product SVP).
• The Hartford: Large national P&C carrier with personal lines (homeowners, auto, umbrella) distributed through independent agents; comparable to NBIC in agent-channel distribution and product architecture, and prior employer of NBIC's CFO Kirk Lusk.

Direct peers

• Pure Insurance Group: Specialty homeowners (and related P&C) carrier focused on high-value and coastal-exposed properties; comparable to NBIC in its concentration on coastal/weather-exposed homeowners and reliance on independent agent distribution.
• American Modern Insurance Group: Specialty P&C insurer underwriting niche residential and coastal property risks through independent agents; highly comparable to NBIC's niche-homeowners, agent-distributed model and Glen Tiziani's prior employer.
• Universal Property & Casualty Insurance Company: Floridian homeowners specialist with significant coastal exposure, distributed through independent agents; comparable to NBIC in coastal homeowners specialization, agent-driven GTM, and catastrophe-prone geographic mix.
• Tower Hill Insurance Group: Florida-based specialty homeowners carrier writing through independent agents in catastrophe-exposed regions; closely comparable to NBIC in target customer, distribution model, and weather-driven risk profile.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/narragansett-bay-insurance-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Narragansett Bay