PLYMOUTH ROCK CLEARED TO ACQUIRE MAPFRE INSURANCE COMPANY OF NEW YORK

The New York Department of Financial Services has approved US property/casualty group Plymouth Rock Assurance’s proposed acquisition of Mapfre Insurance Company of New York. The Mapfre unit will continue to operate as a domestic insurer in New York, primarily writing private passenger motor and homeowners cover, but will henceforth be known as MICNY. The regulatory green light enables Plymouth Rock to continue its expansion in New York after having been cleared last April to acquire 21st Century’s New York private passenger motor business. The deal also completes the realignment of Mapfre Insurance’s US business. A year ago, the company said it would exit five US state markets as part of a strategy to boost growth.