December 26, 2018
Contact: Richard Loconte, 212-709-1691
DEPARTMENT OF FINANCIAL SERVICES APPROVES PLYMOUTH ROCK ACQUISITION OF MAPFRE PROPERTY & CASUALTY INSURANCE COMPANY
Approval Allows Plymouth Rock to Continue its Expansion into New York Marketplace
Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved an application by Plymouth Rock Assurance Corporation to acquire MAPFRE Insurance Company of New York, a New York domestic property and casualty insurer, (MICNY).
“This approval of this acquisition demonstrates the Department of Financial Services’ continuing commitment to maintaining a robust, competitive marketplace where consumers have a wide range of choices to meet their insurance needs,” Superintendent Vullo said. “Plymouth Rock’s expansion in New York by conducting business through MICNY is also evidence that businesses recognize that the Empire State is open for business and that they understand importance of serving the New York marketplace.”
Plymouth Rock will continue to operate MICNY as a New York domestic insurer. MICNY will continue to primarily write private passenger automobile and homeowners insurance.
The Department’s approval enables Plymouth Rock to continue its expansion into the New York marketplace. In April, the Department approved the company’s acquisition of 21st Century National Insurance Company from certain Farmers Insurance Group affiliates. As part of that transaction, Plymouth Rock agreed to reinsure and service the remaining New York in-force business of two of National’s former affiliates.
“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.”
“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 Massachusetts-based Plymouth Rock Group of Companies offers auto and home insurance in New York, Connecticut, Massachusetts, New Hampshire, New Jersey and Pennsylvania.
DFS regulated entities include more than 1,400 insurance companies with assets of more than $4.3 trillion. DFS licensees include nearly 200 life insurance companies, over 1,100 property/casualty insurance companies, approximately 100 health insurers and managed care organizations, and over 300,000 insurance licensees.