April 4, 2018
Contact: Richard Loconte, 212-709-1691
DFS APPROVES NEW ENTRANT TO NEW YORK INSURANCE MARKET
Plymouth Rock Assurance Will Enter New York Insurance Market with the Acquisition of 21st Century National Insurance Company
Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved an application by Plymouth Rock Assurance Corporation and Plymouth Rock Group of Companies to acquire 21st Century National Insurance Company (National) from certain Farmers Insurance Group affiliates. National is a property and casualty insurance company domiciled in New York. As part of the transaction, Plymouth Rock Assurance Corporation will reinsure and service the remaining New York in-force business of two of National’s former affiliates.
“DFS is pleased to strengthen New York’s insurance market with this acquisition approval,” said Superintendent Vullo. “This approval demonstrates that New York is open for business, and insurance companies recognize the benefit of serving New Yorkers.”
National is now a wholly-owned subsidiary of Plymouth Rock Assurance Corporation, with Plymouth Rock Company Incorporated as the ultimate controlling entity. National has been renamed Plymouth Rock Assurance Preferred Corporation.
The new management plans to apply its commitment to customer service to National, offering 24-hour loss reporting by phone or online to policyholders. The Plymouth Rock Group is in the process of submitting information to DFS for other applications to expand further into the New York auto and homeowners insurance markets through other affiliates.
Plymouth Rock Group of Companies President Hal Belodoff said, “As a native New Yorker, I am especially delighted that Plymouth Rock Assurance will be entering the New York State auto insurance market in 2018,” said Hal Belodoff, President of The Plymouth Rock Group of Companies. “I’m very grateful to DFS for their guidance and support as we navigated the entrance process. Our company was founded on the idea that a customer’s insurance experience could be improved through industry-leading service, unique product offerings and by always putting the customer first. We look forward to bringing that vision to life for Empire State drivers for many years to come.”
With annual revenues of $1.3 billion, Massachusetts-based Plymouth Rock Group of Companies offers auto and home insurance in Connecticut, Massachusetts, New Hampshire, New Jersey and Pennsylvania. National, a property and casualty insurance company domiciled in New York, is licensed in 40 states.
DFS regulated entities include more than 1,400 insurance companies with assets of more than $4.3 trillion. DFS licensees include nearly 200 life insurance companies, over 1,100 property/casualty insurance companies, approximately 100 health insurers and managed care organizations, and over 300,000 insurance licensees.