WEBSTER, Mass., June 14, 2018 – MAPFRE Insurance today announced that it 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, MAPFRE Insurance will transfer its private passenger and homeowners’ insurance books of business in New Jersey to Palisades Safety and Insurance Association and Palisades Property and Casualty Insurance Company, each an affiliate of Plymouth Rock. The transaction is subject to approval by the New Jersey Department of Banking and Insurance.
“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. “We look forward to working with Plymouth Rock to ensure a seamless transition for our valued customers and independent 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.