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.”