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Todd Hart Named New CEO of Narragansett Bay Insurance Company: Nick Steffey to become Executive Chairman

NEWS RELEASE

Pawtucket, RI – June 18, 2012

Left to right: Nick Steffey, Todd Hart

Narragansett Bay Insurance Company (“NBIC”) announced today that Todd Hart has been named the company’s Chief Executive Officer after a national search. Narragansett Bay founder Nick Steffey will continue as Executive Chairman.

As CEO, Mr. Hart will be responsible for executing NBIC’s multi-year strategic plan as the company continues to grow as the “No. 1 choice for responsible homeowners.” Mr. Hart will lead the NBIC team in assuring underwriting effectiveness, risk management, production efficiency, quality service, and cost management.

“Todd has a rare combination of gifts, which is why I am excited that he will lead our team and bring Narragansett Bay to its next phase of development,” said Nick Steffey. “He brings an energetic, entrepreneurial mindset and experience base that combines intellectual rigor with analytical skills, operational savvy, and a track record of building high performance teams.”

Mr. Hart has over twenty years of experience in a variety of financial services leadership, investment management and analytical posts. Most recently, he served as CEO of the Swiss-based Glacier Group, where he led the company’s strategy reorganization and provided operational management in underwriting, claims and risk. Prior to that role, he managed insurance and catastrophic risk investments and trading at the Dallas-based hedge fund, HBK Capital Management (since 2003), and its related entities (since 2000). During that time, he chaired or served on the underwriting, compensation, investment and finance, risk management, accounts and audit committees of the boards of directors of a variety of HBK investments. Previously, he worked for nine years in New York City for JP Morgan & Co., where he identified and executed mergers and financing of Fortune 1000 clients.

He received his MBA from Harvard Business School, and an AB in Economics from the University of North Carolina, where he was a Morehead Scholar. He was also a Henry Luce Foundation Scholar, accepting a grant to study and work in the emerging markets in Asia at the Securities Exchange of Thailand. A resident of Dallas, Texas, he plans to relocate to the Rhode Island area

“It is an honor to be named Narragansett Bay’s second Chief Executive Officer, especially following in Nick’s footsteps. Nick Steffey and his leadership team have been able to transform this company into a leading monoline homeowners carrier in the Northeast,” said Mr. Hart. “We are fortunate that Nick will continue to help build the Narragansett Bay Insurance brand while we ensure that the company is operationally responsive to the opportunities we see in the market.

In his role as Executive Chairman and Founder, Mr. Steffey will work with agency partners to continue to build Narragansett Bay’s brand and serve as spokesperson and ambassador, representing the company before industry and government organizations. Under Mr. Steffey’s leadership, NBIC, one of the oldest insurers in New England, was rehabilitated, turned into a stock company, and provided with $200 million in private equity capital.  By focusing on homeowners insurance in a region where many other homeowners writers are retreating, Narragansett Bay Insurance now insures over 110,000 customers in four states.

“I am proud to have been part of building Narragansett Bay into a leading specialty insurer in the Northeast, and I look forward to working with Todd Hart and our leadership team to enable the company to achieve its potential,” said Mr. Steffey.

About Narragansett Bay Insurance Company (NBIC)

Narragansett Bay Insurance Company, headquartered in Rhode Island, offers specialty insurance services and products to homeowners through an extensive network of independent agents along the eastern seaboard. Backed by highly rated reinsurers, NBIC has undergone a rigorous examination of its financial security and has received an “A, Exceptional” Financial Stability Rating (FSR) from Demotech, Inc., an independent financial analysis and actuarial services firm for property and casualty insurers. To find more information on NBIC, visit www.NBIC.com.

For more information contact John Houle, JH Communications at 401.831.6123 or John@www.jhctesting.com.

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