Approval by New York Department of Financial Services Signals Next Step in Plymouth Rock’s New York Expansion
BOSTON – December 27, 2018 – Plymouth Rock Assurance Corporation today announced that the New York Department of Financial Services has approved its acquisition of MAPFRE Insurance Company of New York. The agreement to purchase MAPFRE’s New York personal auto and home insurance business was announced in June, pending regulatory approvals.
“We’re very pleased to have received approval from the New York Department of Financial Services to close this transaction,” said Hal Belodoff, President of The Plymouth Rock Company. “We look forward to welcoming a new group of customers into the Plymouth Rock family. Those customers can expect exceptional customer service, a commitment to continuously improving their insurance experience, and a host of innovative products and features, like the Get Home Safe taxi and rideshare benefit and one of the fastest ways to buy home insurance in the industry.”
MAPFRE Insurance announced in December 2017 that it would exit five states as part of a business realignment to accelerate its profitable growth strategy.
“The sale of MAPFRE’s New York business completes our strategic alignment announced just a year ago, allowing us to focus on our core states and lines of business,” said Alfredo Castelo, President and CEO of MAPFRE Insurance. “We are committed to working with Plymouth Rock to ensure a smooth transition for our New York employees who are joining Plymouth Rock.”
The acquisition of MAPFRE Insurance Company of New York follows Plymouth Rock’s acquisition of 21st Century’s New York private passenger auto business in April 2018. Each transaction is part of the company’s overall plan to become a leading auto and home insurance provider in New York.
“Plymouth Rock was started to answer the demands of insurance consumers who sought a company that puts their needs first,” said Belodoff. “That has been our mission for 35 years and it will continue as we expand our footprint into our sixth state. We look forward to bringing the best the insurance industry has to offer to our new customers in New York.”
About Plymouth Rock
The Plymouth Rock Group of Companies was established to offer its customers a higher level of service and a more innovative set of products and features than they would expect from an insurance company. Plymouth Rock’s innovative approach to insurance, including unique features like Crashbusters® mobile claims vans, Door to Door Valet Claim Service®, the Get Home Safe® taxi and rideshare benefit, and its Pledge of Assurance® put customers’ convenience and satisfaction first.
Plymouth Rock is a marketing name used by separate underwriting and management companies to offer personal and commercial auto and home insurance. Each company is financially responsible only for its own insurance products and actual coverage is subject to the language of the policies as issued by each company.
The Plymouth Rock Group of Companies was founded in 1982 by Jim Stone. Taken together, the group’s 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.
Plymouth Rock gives its customers the choice to do business the way they want – online, using a mobile device, by phone or with one of Plymouth Rock’s agents.
About MAPFRE Insurance
MAPFRE Insurance, rated “A” (Excellent) by A.M. Best Company, serves policyholders in 19 states across the United States through a network of more than 5,000 independent agents and brokers. MAPFRE Insurance is the 19th largest provider of personal automobile insurance and the 20th largest personal lines insurer in the United States. MAPFRE Insurance is also the largest private passenger automobile insurer, homeowners’ insurer and commercial automobile insurer in Massachusetts. MAPFRE Insurance provides a full range of insurance products, including coverage for automobiles, homes, motorcycles, watercraft and business. MAPFRE Insurance is part of the MAPFRE Group.
MAPFRE is a global insurance company with a worldwide presence. It is the benchmark insurer in the Spanish market and the largest Spanish multinational insurance group in the world. The company is the main multinational insurer in Latin America and is among the Top 5 largest Non-Life European insurers by premium volume. MAPFRE employs more than 36,000 professionals globally and in 2017, MAPFRE’s revenues surpassed $34 billion, and net earnings were above $850 million.