A.M. Best Comments on Credit Ratings of Various Plymouth Rock Affiliates and Managed Entities Following Acquisition Announcement

A.M. Best has commented that the Financial Strength Rating (FSR)
of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term
ICR) of “a-” of the members of Plymouth Rock Assurance Group: Plymouth
Rock Assurance Corporation, Mt. Washington Assurance Corporation
and Pilgrim Insurance Company (all headquartered in Boston, MA)
remain unchanged following the announcement that Plymouth Rock Assurance
Corporation has entered into a definitive agreement to acquire MAPFRE
Insurance Company of New York from MAPFRE U.S.A. Corp.

Additionally, other Plymouth Rock-managed entities, Palisades Safety
and Insurance Association (a member of Palisades Group) and Palisades
Property and Casualty Insurance Company (a member of High Point
Homeowners Group), have entered into a renewal rights transaction
for personal automobile and home insurance business, respectively, with American
Commerce Insurance Company (ACIC), a MAPFRE company. Accordingly,
the FSR of B++ (Good) and Long-Term ICR of “bbb” of the members of
Palisades Group and High Point Homeowners Group remain unchanged. All
companies, excluding ACIC, are headquartered in Red Bank, NJ.

The purchase of MAPFRE Insurance Company of New York includes personal
automobile and home insurance business written in New York. The renewal
rights purchase is for New Jersey personal automobile and home business.
Given the relatively modest amount of premium relative to each entity’s
existing writings and capital, A.M. Best does not expect the
transactions to materially impact its assessment of risk-adjusted
capitalization. Additionally, it is anticipated that the overall
performance of the acquired business will improve, based on the group’s
planned re-underwriting initiatives. Lastly, the group has a history of
successfully acquiring books of business, particularly in the New Jersey

This press release relates to Credit Ratings that have been published
on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide
for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating
Action Press Releases.

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