Plymouth Rock Assurance announced Tuesday an expanded investment in a specific segment of coverage with its acquisition of the state’s largest – and only exclusive – provider of motorcycle insurance.
The deal will allow Plymouth Rock to dive deeper into motorcycle insurance, while also marketing its existing insurance products, in home and auto, to customers of the nearly 50-year-old Rider Insurance Co.
Customers and partners of the Springfield-based motorcycle insurance company, meanwhile, will benefit from Plymouth’s A.M. Best A- rating and increased the increased scale of operations, the company said.
Rider Insurance Co. boasts $21 million in annual premiums, according to Plymouth Rock.
“Plymouth Rock has always been interested in expanding our presence in the motorcycle line of business,” said Gerry Wilson, president and chief executive officer of the Plymouth Rock Management Co. 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,” he added.
The transaction is subject to regulatory approvals and approval by the New Jersey Department of Banking and Insurance. Financial terms of the deal were not disclosed.