March 15, 2019
DEPARTMENT OF FINANCIAL SERVICES APPROVES EXPANSION OF NEW YORK PROPERTY INSURANCE MARKET
Approval of Palisades Insurance Company and Palisades Property and Casualty Insurance Company Applications Allows Plymouth Rock to Continue its Expansion into New York State Marketplace
Acting Financial Services Superintendent Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved the applications by the Palisades Insurance Company (PIC) and Palisades Property and Casualty Insurance Company (PPCIC), subsidiaries of New Jersey reciprocal insurance exchange Palisades Safety and Insurance Association (PSIA), to expand into the New York State insurance marketplace. Plymouth Rock Management Company of New Jersey manages the operations of PSIA and its subsidiaries, PIC and PPCIC.
“Today’s approval underscores the strength and importance of encouraging the responsible growth of New York’s thriving insurance industry,” Acting Superintendent Lacewell said. “DFS is committed to continuing to maintain and support a competitive, robust and safeguarded market that provides consumers with a variety of choice to meet their insurance needs.”
With today’s approval, PIC will offer personal auto insurance and PPCIC will offer homeowner’s, condominium and renter’s insurance policies in New York State.
DFS’s approval enables Plymouth Rock to continue its expansion into the New York marketplace. In 2018, the Department approved an application by Plymouth Rock to acquire MAPFRE Insurance Company of New York, a New York domestic property and casualty insurer, (MICNY), and 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.
“We appreciate the hard work and support of the New York Department of Financial Services throughout this approval process,” said Hal Belodoff, President of the Plymouth Rock Group of Companies. “This is another meaningful step towards our goal of bringing Plymouth Rock’s innovative auto and home insurance products to New Yorkers. We’re extremely excited about the future as we continue to expand in New York State.”
The Massachusetts-based Plymouth Rock Group of Companies offers auto and home insurance in New York, Connecticut, Massachusetts, New Hampshire, New Jersey and Pennsylvania.
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.