Vermont Business Magazine Norfolk & Dedham (N&D), based in Dedham, MA, and Union Mutual, based in Montpelier, with a combined 350 years of delivering quality service and insurance products, are excited to announce their intent to affiliate, subject to regulatory approval. Both companies are rated A (Excellent) with a Stable outlook by AM Best.
The affiliation brings a unified next step toward mutual growth and resilience for both companies, their employees, policyholders, agents, community partners and vendors. Joel P. Murray and Lisa L. Keysar will remain President and CEO of their respective organizations. Murray will serve as Board Chair of the combined group.
“Both of our organizations bring to this affiliation financial strength, local market expertise and exceptional service in our respective markets,” said N&D’s Board Chair, President & CEO Joel Murray.
“The opportunity to grow through affiliation between two companies that share similar culture and principles is exciting. We look forward to building upon our successful historical results to come together to enable strategic pursuits and innovation,” said Union Mutual’s President and CEO Lisa Keysar.
The new group will write a balanced book of personal and commercial lines business in eight states with approximately $596 million in direct written premium and over $580 million in policyholder surplus. The group will have approximately 250 employees and 600 independent agents with 1,000 agency offices across the Northeast. Each company will continue to market products under their existing brands in each of their respective marketplaces.
N&D reported assets of $838 million in 2022. Union Mutual reported $385.1 million in 2022.
The two organizations will remain separate legal entities, as required of mutual insurance companies.
"This is a true affiliation – which is more like a partnership. There is no new corporate entity that is being created with this affiliation. Union Mutual and Norfolk & Dedham will continue to exist as corporate entities and will continue to do business under their existing names. At some point in the future we may adopt an official group name, but even at that point we will still retain our corporate identity and existence," said Sarah Jarvis, Esq. Vice President & General Counsel of Union Mutual. "There will be no layoffs or reductions in force as a result of this affiliation agreement."
N&D will maintain their headquarters in Dedham, MA, as they have since their founding in 1825. Union Mutual will also maintain their headquarters in Montpelier, VT, where it celebrates its 150th anniversary this year.
Source: Dedham, MA, and Montpelier, VT — April 10, 2024 — Norfolk & Dedham (N&D) and Union Mutual
