The Hartford is transferring homeowners business and two other lines of coverage in New Jersey to Proformance Insurance Company, but is keeping its commercial property-casualty book in the state.
Terms of the agreement were not released.
The transaction, The Hartford said, would have little impact on the state, because it is a small market representing between 8,500 and 9,000 homeowner policies, according to the two companies. The other two lines involve dwelling fire and personal excess liability policies.
The Hartford said it would also have a presence in the state through its national AARP Insurance Program.
The policies would be transferred as they come up for renewal, the Hartford, Conn.-based insurer said. Representatives from both companies said they use independent agents in their transactions.
The transfer is still subject to regulatory approval by the New Jersey Department of Banking and Insurance.
Proformance is a subsidiary of National Atlantic Holdings Corporation, based in Freehold, N.J.
According to National Underwriter Insurance Data Service, Hartford Fire was ranked 23rd in New Jersey under homeowners insurance, with 1 percent of the market at $14.3 million in direct written premium.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
