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Report: Heritage to use Aon to place reinsurance after Narragansett deal

Heritage Insurance Holdings Inc. will retain current intermediary Aon Benfield to place its entire combined reinsurance after it closes a proposed acquisition of Narragansett Bay Insurance Co.'s parent company, NBIC Holdings Inc., The Insurance Insider reported, citing an interview with Heritage Chairman and CEO Bruce Lucas.

Heritage has previously used Guy Carpenter and Willis Towers Watson Plc's reinsurance unit, Willis Re, as the company's reinsurance brokers, according to The Insurance Insider. Guy Carpenter is reportedly the lead broker on Narragansett Bay's current placement.

Heritage expects to realize $22.5 million in run-rate reinsurance synergies from the acquisition within a period of two years, according to an August company presentation.

The transaction is expected to close in the fourth quarter.