Obtained Regulatory Approval by each the Massachusetts and Vermont Divisions of Insurance coverage
Norfolk & Dedham (N&D®) and Union Mutual introduced as we speak that they’ve obtained approval from the Massachusetts and Vermont Departments of Insurance coverage to affiliate the Firms, that are every rated A (Glorious) with a Secure outlook by AM Greatest.
Current management on the respective firms will stay in place with Joel Murray remaining within the place of President & CEO of The Norfolk & Dedham Group® firms and Lisa Keysar, as President & CEO of Union Mutual. Murray will even function Board Chair of the newly created Group.
The Firms will interact in a collaborative course of to evaluate alternatives for integration and worthwhile progress. Though it can take time to completely notice all the benefits of the affiliation, speedy advantages will happen via the Group’s elevated scale and geographic diversification. Within the close to time period, every of the Firms’ present programs, merchandise, underwriting appetites and tips stay unchanged. With an elevated concentrate on core competencies over time, the Group plans to supply extra strong services for its extremely valued company companions, in addition to for present and potential policyholders.
“This milestone marks the top of a deliberate and concerted effort to fulfill the regulatory and authorized necessities of affiliation and we thank the respective insurance coverage departments for his or her approval,” stated Murray. “We are actually in a position to work extra carefully collectively to create a stronger, mixed mutual insurance coverage group.”
“Our purpose is to proceed to construct upon the success of every firm for the mutual good thing about our workers, policyholders and company companions,” added Union Mutual’s President & CEO Lisa Keysar. “As we glance ahead, the affiliation permits for a high-level partnership between firms which can be independently robust however will probably be stronger collectively.”
By the affiliation, the Boards of Administrators will probably be restructured in what the Firms’ domiciled states of Vermont and Massachusetts consult with as an “acquisition of management.” The newly fashioned Boards of Administrators for the affiliated entities will probably be made up of 4 former Union Mutual Administrators and eight former N&D administrators. Every firm will proceed to market merchandise underneath their current manufacturers in every of their respective marketplaces and can keep their respective headquarters in Dedham, MA and Montpelier, VT.
The N&D and Union Mutual Insurance coverage Group writes a mixture of private and industrial traces enterprise in eight states with roughly $650 million in direct written premium and over $650 million in policyholder surplus. The group may have roughly 250 workers and 600 unbiased brokers with 1,000 company places of work throughout the Northeast.
Supply: Norfolk & Dedham
