Best’s News & Research Service - January 30, 2013 04:26 PM (EST)
Narragansett Bay Insurance Names New CFO
PAWTUCKET, R.I. //BestWire// - Narragansett Bay Insurance Co. has named Kirk Lusk as the company's new chief financial officer, charged with the task of developing operating and financial strategic plans to push the company forward.
Lusk has spent the past 20 years working in the finance and insurance industries and most recently was a vice president of finance at Hartford Financial, in charge of commercial markets financial oversight. He has held other executive-level positions at other companies, including Aetna, Alea Group and GE Employers Reinsurance Global Casualty, according to a statement from NBIC.
The company statement did not say why its previous CFO, Sean F. Murphy, is no longer in the position and a spokesperson for the firm did not immediately respond to a request for comment. Murphy joined NBIC as its CFO in June 2007, according to a previous company statement.
This is the second high-level leadership change for NBIC in the past year. Todd Hart was tapped to be CEO in June after Nick Steffey, the company's founder and first CEO, relinquished the position. Steffey stayed on with the company as executive chairman (Best's News Service, June 19, 2012).
Narragansett Bay offers homeowners insurance products through independent agents in four states in the New England area, according to the company. The company currently writes business in New York, Massachusetts, New Jersey and Rhode Island, according to BestLink, A.M. Best Co.'s online financial system.
Narragansett Bay's net premiums written have grew substantially between 2008 and 2011, finishing 2011 with $69.7 million, according to BestLink. However, the company has reported a net loss for the past four years, losing $8.8 million in 2011. The company's surplus has nearly doubled in four years, to end 2011 at $44 million.
(By Michael Buck, senior associate editor, BestWeek: Michael.Buck@ambest.com)