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A.M. Best Places Credit Ratings of MAPFRE Insurance Company of New York Under Review With Negative Implications

A.M. 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
(MAPFRE NY) (Garden City, NY).

The Credit Rating (rating) action follows the announcement on June 14,
2018, by MAPFRE U.S.A. Corp., the parent company of MAPFRE NY, that
MAPFRE NY will be acquired by Plymouth Rock Assurance Corporation
(Plymouth Rock).

The ratings will remain under review until the transaction closing,
which is expected by year-end 2018, and A.M. Best completes its
evaluation of the transaction and its implications for MAFPRE NY. The
negative implications are due primarily to the larger, lower rated
acquirer, Plymouth Rock.

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.

A.M. Best is the world’s oldest and most authoritative insurance
rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

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