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.
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