Narragansett Bay Insurance Company said it has named Mark Talerico as its chief risk officer, a new position within the company.
Prior to joining Narragansett Bay, Mr. Talerico worked as senior vice president of portfolio management for reinsurance broker Guy Carpenter, LLC.
Mr. Talerico's experience includes five years as vice president of enterprise risk management for Risk Management Solutions, a catastrophe modeler.
The company said that with Mr. Talerico's expertise it will revolutionize underwriting in New England and the Northeast, providing relief to those homeowners who have been unable to purchase insurance in the past.
“Attracting a chief risk officer of Mark's caliber is yet another example of our commitment to becoming the preeminent homeowners insurance company on the East Coast,” said Stewart “Nick” H. Steffey Jr., Narragansett Bay chairman and chief executive officer.
“We believe that there is no one better in the industry who understands risk modeling and how to properly manage a portfolio,” he added.
Founded in 1848, Narragansett Bay Insurance Company, headquartered in Pawtucket, R.I., offers specialty insurance services and products to homeowners through independent agents.
According to Highline Data, a member of Summit Business Media, the National Underwriter parent company, Narragansett is owned by Blackstone Financial Group. Blackstone also owns Pawtucket Mutual Insurance Company. The Blackstone group is ranked 22nd in size by direct premium written in homeowners insurance in Rhode Island where it writes the majority of its business.
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