MAPFRE Insurance Set to Exit New York, New Jersey Markets

MAPFRE Insurance 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.

MAPFRE Insurance is part of the MAPFRE Group and serves policyholders in 19 states across the U.S. through a network of more than 5,000 independent agents and brokers. It provides a range of insurance products, including coverage for automobiles, homes, motorcycles, watercraft and business.

Source: MAPFRE Insurance

Topics New York New Jersey