Mapfre unit placed under review with negative implications after acquisition
Rating agency AM 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.
The rating action follows the announcement on June 14, 2018, by Mapfre USA, the parent company of Mapfre NY, that MAPFRE NY will be acquired by Massachusetts-based Plymouth Rock Assurance Corporation. The transaction involves both personal auto and home insurance business in New York.
AM Best said the negative implications are due primarily to the larger, lower rated acquirer, Plymouth Rock. The ratings will remain under review until the transaction closing, which is expected by year-end 2018.
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