The CEO of the Arbella Insurance Group of Quincy says recent regulatory approval in Connecticut and New Hampshire for the company to sell commercial policies in those states will help offset a decrease in business caused by Massachusetts’ “managed competition” system for auto insurers.
Expanding into New Hampshire and Connecticut doubles the number of New England states in which Arbella operates.
The company will offer commercial auto, property, liability, workers compensation and other commercial lines in New Hampshire and Connecticut. Arbella is the third-largest personal auto insurer in the state and the fourth-largest commercial auto insurer.
The company also sells insurance in Rhode Island and already sells personal auto insurance in Connecticut.
High-Tech, Lowball
According to John Donohue, Arbella president and CEO, the company waited until now to begin business outside of Massachusetts and Rhode Island because it didn’t have the technology to do so.
With the technology in place, Donohue said the time to make the move came when the state enacted its “managed competition” system for auto insurance rates. The system allows insurance companies to set prices for policies under the watchful eye of the state Division of Insurance.
“The deregulation of the Massachusetts auto insurance industry is a potential impact,” he said. “There may not be as much business in the state.
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