DFS Approves New Entrant To New York Insurance Market

Insurance Law Alert

April 4, 2018

Cynthia J. Borrelli

Cynthia J. Borrelli



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New York’s Department of Financial Services Superintendent Maria T. Vullo announced that the New York State Department of Financial Services (DFS) has approved an application by Plymouth Rock Assurance Corporation and Plymouth Rock Group of Companies to acquire 21st Century National Insurance Company (National) from certain Farmers Insurance Group affiliates. National is a property and casualty insurance company domiciled in New York.  As part of the transaction, Plymouth Rock Assurance Corporation will reinsure and service the remaining New York in-force business of two of National’s former affiliates.  Vullo said in a recent press release linked here (https://www.dfs.ny.gov/about/dfs_press.htm) that “DFS is pleased to strengthen New York’s insurance market with this acquisition approval”.  This approval demonstrates that New York is open for business, and insurance companies recognize the benefit of serving New Yorkers.  Given New York’s long standing reputation for strict regulation, this is a positive development. 

Questions should be directed to Cynthia Borrelli.