MD, VA insurance companies announce strategic partnership

Listen to this article

In an effort to drive growth across the Mid-Atlantic region, Frederick Mutual Insurance Company and Northern Neck Insurance Company announced plans to partner – pending regulatory approval – sharing a vision to build a dynamic, customer-centric insurer. 

Through the partnership, the companies hope to position themselves to deliver sustainable growth while strengthening relationships with members, agents and communities across the Mid-Atlantic, a release says. The two entities are planning to build a regional carrier. 

In a joint statement, the companies announced they will offer a growth platform to more than 450 independent agency locations serving clients across Virginia, Maryland, Pennsylvania, Delaware, District of Columbia and North Carolina. 

“This is a transformative moment for both companies,” said Peter Cammarata, president and CEO of Northern Neck Insurance Company. 

“By joining forces, we will combine our strengths to create a compelling alternative in the marketplace — a dynamic mutual insurer focused on empowering agents, enhancing coverage and service for members, and providing great career opportunities for employees.” 

Frederick Mutual, founded in 1843, will remain headquartered in Frederick. Likewise, Northern Neck Insurance Company will continue operations from Irvington, Va.

The companies, combined, will employ more than 90 employees and still function under their existing brands.

“This partnership will allow us to grow while staying true to our mutual values,” Frederick Mutual President and CEO Nancy Newmister said. 

“Together, we’re unlocking new opportunities for growth through complementary product offerings, shared support services, and an unwavering focus on our agents and policyholders. Together, we will be a stronger, more agile organization ready to meet the evolving needs of our communities.”

Cammarata and Newmister will remain as CEOs of their respective organizations until the transaction is finalized, according to a release. Both will be involved in the process of aligning operations and ensuring a smooth transition.