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July 9, 2024

Amid interest in Aquarion purchase, Regional Water Authority acquires Safety Valve waterline insurance assets

The Regional Water Authority (RWA) has acquired the assets of the Homeowner Safety Valve (HSV) Co., which provides water and sewer lines and in-home plumbing protection plans.

Safety Valve has more than 65,000 customers in 80 communities across New England. 

Terms of the deal, announced Monday, were not disclosed.

According to RWA, this is the agency’s fourth commercial business acquisition since 2021 and it more than doubles the company’s service line and in-home protection business currently offered through its PipeSafe water, sewer, septic line and interior plumbing protection program.

The acquisition is also part of the company’s strategic focus to grow its existing non-core portfolio of offerings, which also includes WellSafe, laboratory services, fleet repair and rental income. RWA received a recent boost on the M&A front, when state lawmakers in late June gave the company the ability to make a bid for Bridgeport-based Aquarion Water Co. Aquarion’s parent company, Eversource, announced in February it would explore the sale of the water distribution company to raise needed cash.

Safety Valve customers purchase annual protection plans for water and/or sewer lines and/or in-home plumbing. RWA said the transaction will not impact HSV customers’ current protection coverage, terms or benefits.

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