Best’s News & Research Service - March 03, 2026 03:57 PM (EST)
AM Best Revises Outlooks to Positive for Members of Plymouth Rock Assurance Group
- March 03, 2026 03:57 PM (EST)
//BestWire// - AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) for the members of Plymouth Rock Assurance Group (PRAG). At the same time, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of the members of Plymouth Rock Home Assurance Group (PRHAG). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of members and ratings).
The ratings of PRAG reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The revision in PRAG’s outlooks to positive from stable reflects its solid market presence in the northeastern United States as a leading writer of private passenger auto (PPA) business, particularly in Massachusetts, as well as its diverse and well-managed distribution strategy and strong brand recognition as a part of the Plymouth Rock family. Although the group is geographically concentrated in Massachusetts, which exposes results to potentially frequent and severe weather, as well as regulatory impacts, PRAG continues to improve its spread of risk and expand to states such as New York, Connecticut and Pennsylvania. While doing so, PRAG’s PPA market share in its primary state of Massachusetts has grown to over 8% owing to profitable and effective business growth. Additionally, the group diversifies its product offerings through its wholly owned subsidiary, Pilgrim Insurance Company, which provides stability through insurance market cycles as a residual market servicing carrier. With continued refinement to the book of business, as well as effective growth that further diversifies the group’s geographic footprint and product offerings, near-term upward movement on the business profile assessment is likely. The profile is further enriched by a robust distribution network and increased marketability through its affiliation with PRHAG and the ability to provide auto customers a packaged product.
The ratings of PRHAG reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM.
The stable outlooks for PRHAG reflect the group’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and consistency in policyholders’ surplus growth over the past five-year period, partially offset by adverse loss reserving trends in some recent years and historically high equity leverage. Furthermore, it reflects its adequate operating performance, which despite recent volatility remains supported by five- and 10-year average combined ratios that are slightly below the industry peer composite, and its risk management capabilities that align appropriately with its risk profile. While PRHAG also maintains strong brand recognition as a part of the Plymouth Rock family and operates under a well-managed distribution strategy, its limited business profile reflects the increased risk associated with the group’s property predominant offering of homeowners’-focused products. This, along with PRHAG’s geographic concentration in Massachusetts and smaller scale as compared to PRAG, exposes overall results to potential regulatory impacts and a higher degree of weather-related loss. Nonetheless, PRHAG continues to receive lift from PRAG, reflective of the strong relationship between the two groups, level of operational integration and strategic support provided by PRAG to PRHAG.
The FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) have been affirmed, with the outlooks revised to positive from stable, for the following members of Plymouth Rock Assurance Group:
- Plymouth Rock Assurance Corporation of New York
- Plymouth Rock Assurance Corporation
- Plymouth Rock Assurance Preferred Corporation
- Pilgrim Insurance Company
- Mt. Washington Assurance Corporation
The FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) have been affirmed with stable outlooks for the following members of Plymouth Rock Home Assurance Group:
- Plymouth Rock Home Assurance Corporation
- Bunker Hill Insurance Casualty Company
- Bunker Hill Property Insurance Company
- Bunker Hill Insurance Company
- Bunker Hill Preferred Insurance Company
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 Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.