With this latest acquisition, MAPFRE will enter the personal lines market in both Vermont and Maine
Massachusetts largest insurance carrier, MAPFRE Insurance, announced that it has agreed to acquire the personal lines business of MiddleOak Insurance. The agreement arose as a result of MiddleOak’s decision to exit from the personal lines market in New England. MiddleOak Insurance will continue with its commercial lines business.
According to the terms of the agreement, MAPFRE will acquire access to almost $127 million dollars of MiddleOak’s personal lines business. Through the Middlesex Mutual Assurance Company, formed in 1836, and Holyoke Mutual Insurance Company in Salem, founded in 1843, MiddleOak Insurance personal lines business includes automobile, home, umbrella, business, flood, watercraft and specialty insurance in all six New England states. It is currently the 13th largest personal lines insurer in Connecticut.
“MAPFRE Insurance is pleased with our agreement with MiddleOak, which represents another step in MAPFRE’s expansion and product diversification efforts in the U.S.,” said Jaime Tamayo, President and CEO of MAPFRE U.S.A. Corp. of the deal. “We look forward to providing MiddleOak agents and their customers with MAPFRE’s exceptional service, products, and prices.”
Through the acquisition of MiddleOak’s personal lines business, MAPFRE, which is the largest insurer in Massachusetts, will now have a greater presence throughout all of the New England states and will mark the insurer’s entrance into two New England states: Maine and Vermont.
Aiming for as seamless transition as possible
In order to create as seamless a transition as possible, the Massachusetts insurer has already set in motion multiple plans to switch over MiddleOak’s operations and operating systems to MAPFRE systems. As for the many independent insurance agents who will be affected by this deal, MAPFRE will be offering agency agreements to all those MiddleOak independent insurance agents who are not already MAPFRE agents. In addition, the insurer is also planning to hire a portion of MiddleOak employees who are affected by their company’s decision to sell off its personal lines business.
MAPFRE Insurance is growing with the help of its international parent
Rated “A” (Excellent) by A.M. Best Company, MAPFRE Insurance is both the largest writer of automobile and homeowner’s insurance in Massachusetts. Besides Massachusetts, MAPFRE Insurance actively writes property and casualty insurance in 17 states through a network of more than 4,200 independent agents and brokers. MAPFRE Insurance is presently the 19th largest provider of personal automobile insurance and the 20th largest personal lines insurer in the United States. MAPFRE Insurance’s parent, the MAPFRE Group, is an international insurance powerhouse, headquartered in Madrid, Spain, that services over 23 million customers in 47 different countries to generate over $34 billion in revenue and over $1 billion in net earnings.
