Plymouth Rock has announced a new strategic acquisition this month. On July 16th, the Boston-based insurer announced that it had officially purchased The Rider Insurance Company.
Based in New Jersey, Rider is a motorcycle-only insurer with a presence in eight states and approximately $21 million in annual premiums. Founded by motorcycle enthusiast and current Chairman of the Board, Harry Bleiwise, the company has been offering motorcycle insurance for over 50 years.
“I am extremely proud of the company we have built, and it has been my honor to lead it and serve the motorcycle community for the past 48 years,” said Mr. Bleiwise. “I want to thank all of our customers and employees for making Rider what it is today. I am confident that our customers will be in excellent hands with Plymouth Rock and they will continue to deliver the quality coverage and value our riders have come to expect.”
For Rider, the company can now offer its customers and business customers products and coverage backed by an A.M. Best A- (“Excellent”) rated company.
Strengthening its presence in the Garden State
Similar to its purchase of MAPFRE’s New Jersey insurance business last year, the company’s acquisition of Rider Insurance this year both reinforces and expands Plymouth Rock position within the state. Plymouth Rock’s new investment in the motorcycle insurance market will permit Plymouth Rock to market both its auto and home insurance products to its new Rider customers.
“Plymouth Rock has always been interested in expanding our presence in the motorcycle line of business,” said Gerry Wilson, President, and CEO of the Plymouth Rock Management Company of New Jersey. “Rider Insurance has a strong reputation within the riding community for delivering exceptional service to motorcycle enthusiasts, which is something that aligns very closely with the core values of Plymouth Rock. We are very excited about this transaction and growing our motorcycle business.”
As is customary in these types of acquisition, the transaction is subject to final approval by the New Jersey Department of Banking and Insurance.