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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 21, 2019 12:33 PM (EST)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Plymouth Rock Assurance Corporation of New York (PRAC NY) (formally known as MAPFRE Insurance Company of New York) (Garden City, New York). The outlook of these Credit Ratings (ratings) remains stable.
The ratings reflect PRAC NY’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The ratings affirmation and assignment of a pooled affiliation code follows the inclusion of PRAC NY in Plymouth Rock Assurance Group’s (PRAC Group) pooling agreement, retroactive to an effective date of January 1, 2019. The revised PRAC Group pooling agreement was approved recently by the New York and Massachusetts departments of insurance.
This press release relates to Credit Ratings that have been published on AM 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 AM 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 AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.