MAPFRE Insurance Set to Exit New York, New Jersey Markets

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MAPFRE Insurance has concluded definitive deals with The Plymouth Rock Company’s affiliates in New York and New Jersey provinces as part of MAPFRE’s previously announced strategy to focus on the main state and business lines. The terms of the transactions subject to regulatory approval are not disclosed.

The company sells the New York MAPFRE Insurance Company to Plymouth Rock Assurance Corporation subject to the approval of the New York Financial Services Department.

In addition, MAPFRE Insurance, New Jersey private passenger and home insurance books will be sold to the Palisades Security and Insurance Association and Palisades Property and Casualty Insurance Company, each a Plymouth Rock establishment. The transaction is subject to the approval of the New Jersey Department of Banking and Insurance.

MAPFRE Insurance is part of the MAPFRE Group and serves policyholders through a network of more than 5,000 independent brokers and brokers in 19 states across the United States. It offers a range of insurance products, including coverage for automobiles, homes, motorcycles, marine vehicles and the business world.

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