The New York State Department of Financial Services (DFS) has approved an application by Plymouth Rock Assurance Corporation to acquire MAPFRE Insurance Company of New York, a New York domestic property and casualty insurer, which will now be known as MICNY.
“This approval of this acquisition demonstrates the Department of Financial Services’ continuing commitment to maintaining a robust, competitive marketplace where consumers have a wide range of choices to meet their insurance needs,” Financial Services Superintendent Maria T. Vullo said in a press release issued by DFS. “Plymouth Rock’s expansion in New York by conducting business through MICNY is also evidence that businesses recognize that the Empire State is open for business and that they understand importance of serving the New York marketplace.”
Plymouth Rock will continue to operate MICNY as a New York domestic insurer. MICNY will continue to primarily write private passenger automobile and homeowners insurance.
DFS’ approval enables Plymouth Rock to continue its expansion into the New York marketplace. In April, DFS approved the company’s acquisition of 21st Century National Insurance Company from certain Farmers Insurance Group affiliates. As part of that transaction, Plymouth Rock agreed to reinsure and service the remaining New York in-force business of two of National’s former affiliates.
The Massachusetts-based Plymouth Rock Group of Companies offers auto and home insurance in New York, Connecticut, Massachusetts, New Hampshire, New Jersey and Pennsylvania.
Source: New York State Department of Financial Services
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