WOODBRIDGE, N.J.--(BUSINESS WIRE)--Plymouth Rock Assurance today announced that AM Best, the oldest and most authoritative insurance rating and information source in the world, assigned an A- (Excellent) Financial Strength Rating and an “a-” Long-Term Issuer Credit Rating to Rider Insurance Company, a Plymouth Rock company.
The ratings reflect a significant strengthening of Rider’s balance sheet, which AM Best categorizes as very strong, as well as its operating performance, limited business profile and appropriate enterprise risk management.
The rating assignments follow the October 2019 acquisition of Rider by Palisades Safety and Insurance Association, which is part of the Plymouth Rock Group of Companies, and the execution of a quota share reinsurance agreement between the two entities.
“We are very pleased to have received an excellent rating from AM Best,” said Gerry Wilson, President and Chief Executive Officer of the Plymouth Rock Management Company of New Jersey. “This rating affirms and makes clear how seamlessly we integrated Rider into the Plymouth Rock Group, and is a testament to the operational strength and financial stability of our organization. Our current and prospective Rider customers should feel secure that the financial strength of their company is stronger than ever.”
Rider is the largest motorcycle insurance provider in New Jersey, and is rapidly growing in Pennsylvania. It is the only carrier serving the motorcycle community exclusively.
About Plymouth Rock
Plymouth Rock 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 puts customers' convenience and satisfaction first, giving them the choice to do business the way they want – online, using a mobile device, by phone or with one of Plymouth Rock's agents. Plymouth Rock Assurance® and Plymouth Rock® are brand names and service marks used by separate underwriting, managed insurance, and management companies that offer property and casualty insurance in multiple states. Taken together, the companies write and manage more than $1.4 billion in auto and home insurance premiums across Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Pennsylvania.
Each underwriting and managed insurance company is a separate legal entity that is financially responsible only for its own insurance products. Actual coverage is subject to the language of the policies as issued by each separate company. Some discounts, coverages, payment plans, features and benefits are not available in all states and companies. You can learn more about Plymouth Rock by visiting plymouthrock.com.