Agency Checklists’ occasional column on items of interest from in and around the Massachusetts insurance industry.
Plymouth Rock Enters New York
Plymouth Rock Assurance has officially entered the New York market. On April 4th, the New York Department of Financial Services (DFS) approved the insurer’s acquisition of the 21st Century National Insurance Company, 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.”
As part of its acquisition, 21st Century National Insurance Company is now a wholly-owned subsidiary of Plymouth Rock and from now on will be known as Plymouth Rock Assurance Preferred Corporation. The company also has begun submitting additional information to the DFS in order to expand its capabilities further into the New York auto and homeowners insurance markets through other affiliates.
In commenting on the acquisition, 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.”
Travelers leaving Fall River
According to an article in the March 19th issue of The Herald News, Travelers Insurance is closing its office in the Fall River as part of its consolidation of business in southeastern Massachusetts. While the company says its plans to close its office will result in few layers, it ends the insurers presence in the city, which once house approximately 500 Travelers employees.
According to Travelers Communications Manager Courtney Garro, who was cited in the article, the company determined that “…there are certain work processes that were no longer needed, so some people will no longer be employed.” Ms. Garro says that Travelers will be moving its offices to Bridgewater.
Risk Placements Services Joins TrustedChoice.com
Wholesale insurance broker, Risk Placement Services, has joined forces with TrustedChoice.com. The wholesaler says it plans to expand its cyber liability program to both independent insurance agents and consumers via the Trustedchoice.com marketing platform.
“Our participation on TrustedChoice.com is a natural extension of how we’re rethinking the insurance-buying experience by focusing on the consumer’s perspective and allowing them to more easily procure this very complex product,” said Ryan Collier, RPS chief digital officer. “We’re excited about the opportunity to amplify consumer awareness of our cyber liability solutions, while also generating awareness with retail agents and brokers about our fast, frictionless process.”
As an industry expert on cyber risk, RPS offers an ideal complement to the millions of insurance buyers looking online for small business insurance solutions. “For the over 20,000 independent agents who have an online digital profile on TrustedChoice.com, approximately 95 percent of their commercial book of business is small business,” said Ryan Hanley, TrustedChoice.com Chief Marketing Officer. “Leveraging our digital marketing technology with leading wholesalers like RPS enables us to support consumers’ insurance needs, giving them access to independent agents and carriers that are second to none.”
