OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has commented that the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of the members of Plymouth Rock Assurance Group: Plymouth Rock Assurance Corporation, Mt. Washington Assurance Corporation and Pilgrim Insurance Company (all headquartered in Boston, MA) remain unchanged following the announcement that Plymouth Rock Assurance Corporation has entered into a definitive agreement to acquire MAPFRE Insurance Company of New York from MAPFRE U.S.A. Corp.
Additionally, other Plymouth Rock-managed entities, Palisades Safety and Insurance Association (a member of Palisades Group) and Palisades Property and Casualty Insurance Company (a member of High Point Homeowners Group), have entered into a renewal rights transaction for personal automobile and home insurance business, respectively, with American Commerce Insurance Company (ACIC), a MAPFRE company. Accordingly, the FSR of B++ (Good) and Long-Term ICR of “bbb” of the members of Palisades Group and High Point Homeowners Group remain unchanged. All companies, excluding ACIC, are headquartered in Red Bank, NJ.
The purchase of MAPFRE Insurance Company of New York includes personal automobile and home insurance business written in New York. The renewal rights purchase is for New Jersey personal automobile and home business. Given the relatively modest amount of premium relative to each entity’s existing writings and capital, A.M. Best does not expect the transactions to materially impact its assessment of risk-adjusted capitalization. Additionally, it is anticipated that the overall performance of the acquired business will improve, based on the group’s planned re-underwriting initiatives. Lastly, the group has a history of successfully acquiring books of business, particularly in the New Jersey market.
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