Providence Mutual Is Exiting Auto Insurance In A Total of Four States
Providence Mutual announced it has entered into an agreement to allow for the transfer of auto insurance business to Plymouth Rock Assurance, whereby Plymouth Rock will provide auto insurance renewal offers to eligible Providence Mutual policyholders in Connecticut and New Hampshire.
As a leading personal lines insurance provider in the northeast, Plymouth Rock writes and manages more than $2 billion in auto, home and umbrella insurance premiums. Eligible Providence Mutual customers will receive a Plymouth Rock auto insurance offer prior to their policy’s nonrenewal date. It is expected that policies with renewal dates at the end of March 2025, or early April 2025, would be the first to go through this process.
Providence Mutual notified agents and regulators that the company made the decision to exit auto insurance for both commercial and personal lines in the four states currently offered – Connecticut, Maine, New Hampshire and Rhode Island.
“Exiting auto will give us more resources to invest in and enhance our core products, such as homeowners, dwelling, umbrella and BOP, which are growing,” said Michele Streton, president and CEO of Providence Mutual. “We have worked tirelessly to create a seamless experience for our insureds and agents during this transition and are pleased to have a partner like Plymouth Rock who shares in our commitment to delivering exceptional service to customers and agents alike.”
Providence Mutual has filed for a homeowner’s discount to be available for the companion homeowners policies impacted by this decision and expect to have it available for use in the first quarter of 2025. After this discount is available, the company will transition homeowner policies that have the multi-policy discount to the new discount as auto policies are non-renewed or moved by its agency partners.
