Hospitality Insuarnce logoWestborough-based Hospitality Mutual Insurance Co. (HMIC) has acquired Marlborough-based shell company Eastern Casualty Insurance Co. (ECIC), which will allow HMIC to expand its business into other states.

ECIC had been in receivership in Massachusetts since 2009, with the Commissioner of Insurance serving as receiver, according to a statement. HMIC acquired ECIC from the receiver following approval by the Massachusetts Supreme Judicial Court.

Through the acquisition, ECIC became a wholly-owned stock subsidiary of HMIC and has assumed the new name of Hospitality Insurance Co. (HIC). HIC currently has inactive licenses to sell insurance in Massachusetts, Rhode Island, New Hampshire, Connecticut, Vermont and Pennsylvania.

"We are excited to begin the process of expanding into other states with our core product offerings, including commercial property, general liability, excess liability and liquor liability for liquor serving establishments throughout the region," said John W. Tympanick, president and CEO of HMIC. "Our niche has always been insuring liquor serving establishments that fall outside the underwriting standards for a traditional business owner’s policies."

HIC will begin the process of reactivating ECIC’s dormant licenses, according to a statement. After activation, HIC will file rates with the respective state insurance departments.

Hospitality Mutual Insurance Co. Acquires Eastern Casualty Insurance Co.

by Banker & Tradesman time to read: 1 min
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