PAWTUCKET - Narragansett Bay Insurance Co. has named Todd Hart its new CEO, replacing company founder Nick Steffey, who will continue on as executive chairman.
Hart was chosen as part of a national search and will be responsible for executing NBIC’s multi-year plan as the company continues to grow.
"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 Steffey in a statement. "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."
Hart has more than 20 years of experience in the financial services industry. Most recently, he served as CEO of the Switzerland-based Glacier Group, where he led the company’s strategy reorganization. He also worked for HBK Capital Management and JP Morgan & Co.
"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 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," added Hart.
As executive chairman, Steffey will work with agency partners to build the company’s brand as well was serve as a spokesperson, representing the company before industry and government organizations.
According to a company release announcing the appointment, Narragansett Bay Insurance currently insures more than 110,000 customers across four states.