Local insurer to join up with Hingham Group [The Day, New London, Conn.]

Jun. 11--The NLC Insurance Cos., a local insurer that traces its roots back to 1840, announced Thursday it will affiliate with a Massachusetts-based insurer, giving the combined firms a network of nearly 700 independent agents to market their insurance products.

The Norwich-based NLC Insurance Cos., which sells its products through agents in Connecticut, Rhode Island and Massachusetts, will join forces with The Hingham Group of Hingham, Mass.

NLC Insurance Cos. includes the New London County Mutual Insurance Co. and the Thames Insurance Co. The firm sells property and casualty insurance, along with automotive, homeowners, fire and commercial lines.

Steve H. Chevalier, president of the NLC Insurance Cos., applauded the combination, saying "this agreement brings together two New England-based mutual insurance companies with long and distinguished histories."

George A. Cole III, who heads The Hingham Group, also welcomed the agreement. "The affiliation will expand the company's capital base and provide us access to resources critical to providing quality and responsive service to our policyholders and agents."

The agreement to affiliate is still subject to approval by the insurers' policyholders as well as regulatory authorities. If approved, the deal would close during this year's third quarter. The companies did not disclose financial terms of the agreement.

NLC Insurance Cos. is located at 101 High St., overlooking downtown Norwich and its harbor. The firm moved into the three-story complex in 1990. NLC Insurance Cos. first began as the New London County Mutual Fire Insurance Co. in 1840. The insurer was formed in Norwich by a group of local businessmen as a mutual, or policyholder-owned, insurance company to insure homes, farms and various public buildings.

The Hingham Group has deep roots in the Bay State and was founded in 1826. The insurer's holdings include the Hingham Mutual Fire Insurance Co. and the Danbury Insurance Co. It markets its insurance products in Connecticut, Maine, Massachusetts, New Hampshire and Rhode Island.

Under the affiliation, Chevalier will serve as chief executive officer of the Hingham Group and as president of NLC Insurance Cos. Cole will continue to serve as president of The Hingham Group. The combined companies would oversee 120,000 policies in force. Currently, each has 60,000 policies in force. NLC Insurance Cos. markets its products through about 300 independent agents, while The Hingham Group markets its products through nearly 400 independent agents. The combined companies' 2009 premiums would be $90 million and their 2009 surplus would be $106 million. NLC Insurance Cos. will remain in Norwich, and The Hingham Group will remain in Hingham, Mass.

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Copyright (c) 2010, The Day, New London, Conn.</p>

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