MAPFRE Insurance has entered into definitive agreements with affiliates of The Plymouth Rock Company to exit the states of New York and New Jersey as part of MAPFRE’s previously announced strategy to focus on its core states and lines of business.
Terms of the transactions, which are subject to regulatory approval, were not disclosed.
The company will sell MAPFRE Insurance Company of New York to Plymouth Rock Assurance Corporation, subject to approval by the New York Department of Financial Services.
Additionally, certain Plymouth Rock companies also acquired replacement carrier rights for auto and home insurance business in New Jersey from American Commerce Insurance Company (ACIC), a MAPFRE company, Plymouth Rock announced in a statement.
MAPFRE identified the rights’ acquirers as Palisades Safety and Insurance Association and Palisades Property and Casualty Insurance Company.
That transaction is subject to approval by the New Jersey Department of Banking and Insurance.
MAPFRE Insurance is part of the MAPFRE Group and serves policyholders in 19 states across the U.S. through a network of more than 5,000 independent agents and brokers. It provides a range of insurance products, including coverage for automobiles, homes, motorcycles, watercraft and business.
“These agreements support MAPFRE’s commitment to strengthen our foundation in our core states and lines of business, which will position us for profitable growth,” said Alfredo Castelo, President and CEO of MAPFRE Insurance, in a media statement. “We look forward to working with Plymouth Rock to ensure a seamless transition for our valued customers and independent agents.”
The Plymouth Rock Group of Companies was founded in 1982 by its Chairman Jim Stone, former Commissioner of the Massachusetts Division of Insurance and Chairman of the Commodities Futures and Exchange Commission. Together, the companies write and manage more than $1.3 billion in auto and home insurance premiums across Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Pennsylvania.
For Plymouth Rock, the agreements follow an April announcement that Plymouth Rock Assurance Corporation had entered the New York auto and home insurance market by purchasing 21st Century National Insurance Company. “New Jersey will always be very important to our company,” added Hal Belodoff, President of The Plymouth Rock Company, in a media statement.
With its intention to write new business in the Empire State this fall, Plymouth Rock is poised for future growth in New York and across the Northeast, the statement said.
Plymouth Rock gives its customers the choice to do business the way they want—online at plymouthrock.com, using a mobile device, by phone or with one of Plymouth Rock’s agents. Unique features of insurance offered by the companies in the group include “Crashbusters” mobile claims vans, “Door to Door Valet Claim Service,” and the “Get Home Safe” taxi and rideshare benefit.
Plymouth Rock is a marketing name used by separate underwriting and management companies to offer personal and commercial auto and home insurance.
Separately, A.M. Best commented that the A- (Excellent) financial strength ratings of the members of Plymouth Rock Assurance Group (Plymouth Rock Assurance Corporation, Mt. Washington Assurance Corporation and Pilgrim Insurance Company (all headquartered in Boston, Mass.) remain unchanged following the announced agreement to acquire MAPFRE’s New York company. But Best has placed the A rating of MAPFRE Insurance Company of New York under review with negative implications. The negative implications are due primarily to the larger, lower rated acquirer, Plymouth Rock, Best said.
Best said the ratings of the Plymouth Rock-managed entities involved in the New Jersey renewal rights deal remain unchanged at B++.
Sources: MAPFRE Insurance; Plymouth Rock Assurance; A.M. Best