Plymouth Rock Assurance has agreed to acquire Rider Insurance Company, a New Jersey-based motorcycle insurance carrier, for an undisclosed amount.
Image: Plymouth Rock to acquire New Jersey-based motorcycle insurer. Photo: Courtesy of christels/Pixabay.
Rider Insurance Company was founded by motorcycle enthusiast Harry Bleiwise in 1971. It is claimed to be one of the largest motorcycle insurance providers in New Jersey with annual premiums of $21m (£16.9m).
Plymouth Rock Management Company of New Jersey president and CEO Gerry Wilson said: “Plymouth Rock has always been interested in expanding our presence in the motorcycle line of business.
“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.”
Plymouth Rock said that the acquisition will create an opportunity for the firm to invest more deeply in the motorcycle insurance segment and allow the company to sell its auto and home insurance products to Rider customers.
For Rider Insurance, the deal will help in adding value to its customers, through the scale, financial resources, and expertise of Plymouth Rock.
Bleiwise said: “I am extremely proud of the company we have built and it has been my honor to lead it and serve the motorcycle community for the past 48 years.
“I want to thank all of our customers and employees for making Rider what it is today. I am confident that our customers will be in excellent hands with Plymouth Rock and they will continue to deliver the quality coverage and value our riders have come to expect.”
The deal is subject to approval from the New Jersey Department of Banking and Insurance.
In December 2018, Plymouth Rock received approval from the New York Department of Financial Services for its acquisition of MAPFRE Insurance Company of New York. The deal includes the purchase of MAPFRE’s New York personal auto and home insurance business.
The Plymouth Rock Group of Companies write and manage more than $1.4bn (£1.1bn) in auto and home insurance premiums across Connecticut, New Hampshire, Massachusetts, New York, New Jersey, and Pennsylvania.