A.M. Best Places Credit Ratings of MAPFRE Insurance Company of New York Under Review With Negative Implications

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has placed under review with negative implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of MAPFRE Insurance Company of New York (MAPFRE NY) (Garden City, NY).

The Credit Rating (rating) action follows the announcement on June 14, 2018, by MAPFRE U.S.A. Corp., the parent company of MAPFRE NY, that MAPFRE NY will be acquired by Plymouth Rock Assurance Corporation (Plymouth Rock).

The ratings will remain under review until the transaction closing, which is expected by year-end 2018, and A.M. Best completes its evaluation of the transaction and its implications for MAFPRE NY. The negative implications are due primarily to the larger, lower rated acquirer, Plymouth Rock.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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A.M. Best

Jonathan Harris, CFA, FRM, CPCU, +1 908-439-2200, ext. 5771

Senior Financial Analyst

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or

Jacqalene Lentz, CPA, +1 908-439-2200, ext. 5762

Director

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or

Christopher Sharkey, +1 908-439-2200, ext. 5159

Manager, Public Relations

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or

Jim Peavy, +1 908-439-2200, ext. 5644

Director, Public Relations

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Source: A.M. Best