Plymouth Rock Assurance

Plymouth Rock Assurance
Industry Insurance
Founded 1982 (Boston, Massachusetts)
Founder James Stone
Headquarters Boston, Massachusetts
Area served
 Connecticut, Massachusetts, New Hampshire, and New Jersey
Key people
 Hal R. Belodoff, Gerry Wilson, and Chris Olie
Products Insurance policies
Parent Plymouth Rock Group
Website plymouthrock.com

Plymouth Rock Assurance is an insurance group that underwrites and manages property and casualty policies through independent companies in several US states.[1]

History

Plymouth Rock was founded by Jim Stone in 1982. Stone was a former lecturer and Economics PhD graduate from Harvard University. He also worked as the Chairman of the Commodity Futures Trading Commission and was the youngest ever Commissioner of Insurance for the Commonwealth of Massachusetts.[2][3] The first insurance company in the group, Plymouth Rock Assurance Corporation (PRAC), was formed in December 1982 and opened for business in October 1983.[4] The company wrote its first policy on January 1, 1984[5] and reported its first net income the following year.[6]

In March 1988, Plymouth Rock established the Pilgrim Insurance Company through its sister corporation, SRB. Pilgrim provides management and claims administration services to other auto insurance companies and underwrites commercial auto policies in Massachusetts.[7] In 1991, Plymouth Rock expanded into New Hampshire by founding Mt. Washington Assurance Corporation.[8] The following year, it expanded its operations into New Jersey through Palisades Safety and Insurance Management Company, now known as Plymouth Rock Management Company of New Jersey.[9] In 1995, Bunker Hill Insurance Company was incorporated, offering homeowners insurance in Massachusetts.[10] PRAC expanded into Connecticut in 2002 and began writing policies that May.[11]

In 2003, Palisades Safety and Insurance Association (PSIA) acquired The Prudential Property and Casualty Insurance Company of New Jersey and renamed the insurance group High Point.[12] In 2007, Lancer Casualty Company was acquired by High Point and renamed Teachers Auto Insurance Company of New Jersey.[13]

Business overview

Plymouth Rock Assurance is a group of separate companies that write and manage about $1 billion in annual property and casualty insurance premiums between them.[1] PRAC was the fifth largest automobile insurer in Massachusetts in 2011.[14] In 2013, PRAC recorded $291 million in direct premiums written.[15]

In June 2011, the New Jersey insurers, consisting of the High Point group, the Palisades group, and Teachers' Insurance Plan of NJ, began using the name of Plymouth Rock Assurance.[16][17] A. M. Best has given PRAC a financial strength rating of A- and the New Jersey insurers have an A.M. Best rating of B+.[18]

Programs and services

Programs that Plymouth Rock originated include the "Crashbusters" program, where insurance adjusters travel to the customer and provide an on-site estimate and, in most cases, immediate reimbursement for the anticipated costs.[19][20] Plymouth Rock’s other programs include the "Get Home Safe" program, which reimburses policyholders for their taxi fare when they are unable to safely drive their car.[21] In 2003, Plymouth Rock established the "Door to Door Valet Claim Service", which tows a policyholder’s car to the repair shop and returns it after the repair is completed.[22] In 2010, Plymouth Rock released mobile applications for its services.[23] That year, PRAC was named to the 2010 Insurance Networking News' INNovators list, ranking third on the list of insurance companies in terms of customer service.[24] Plymouth Rock also produces research surveys on insurance-related topics. These have included the number of city dwellers who text while driving despite laws banning texting and driving.[25] In April 2014, Plymouth Rock set the Guinness world record for “Most Pledges Received for a Safety Campaign” after about 32,000 drivers signed the company’s pledge against distracted driving.[26]

Management

Jim Stone serves as Chairman of The Plymouth Rock Company, the insurance holding company of the Plymouth Rock group. Hal Belodoff serves as President and COO of The Plymouth Rock Company as well as Chairman of PRAC. In 2009, PRAC named Chris Olie as its incoming president to manage Plymouth Rock’s insurance operations in Massachusetts, Connecticut, and New Hampshire. Gerry Wilson is currently President and CEO of Plymouth Rock Management Company of New Jersey, having managed Plymouth Rock’s insurance operations in the state of New Jersey since 2001.[1][27]

References

  1. 1 2 3 "Progressive's Olie Named President of Plymouth Rock Assurance". Insurance Journal. August 5, 2009. Retrieved July 29, 2013.
  2. ↑ Julie Hatfield (July–August 2010). "Insider's Guide to Boston". Executive Travel Magazine. Retrieved July 29, 2013.
  3. ↑ Thomas Watterson (June 28, 1992). "Take time to evaluate the risks of investments". Baltimore Sun. Retrieved July 29, 2013.
  4. ↑ "Report of the Examination of the Plymouth Rock Assurance Corporation" (PDF). December 31, 2007. p. 3. Retrieved August 29, 2013.
  5. ↑ "1984 Annual Report: Chairman's Letter" (PDF). March 31, 1985. Retrieved August 29, 2013.
  6. ↑ "1985 Annual Report: Chairman's Letter" (PDF). March 31, 1986. Retrieved August 29, 2013.
  7. ↑ "Chairman's letter" (PDF). March 1, 1989. Retrieved September 23, 2013.
  8. ↑ "Company Overview of Mt. Washington Assurance Corporation". Businessweek. Retrieved September 23, 2013.
  9. ↑ "Palisades Safety and Insurance Association Company Information". Hoover's. Retrieved September 23, 2013.
  10. ↑ "Company Overview of Bunker Hill Insurance Company". Businessweek. Retrieved September 23, 2013.
  11. ↑ "Plymouth Rock Downloads Policy Information to Conn. Agents". Insurance Journal. May 2, 2002. Retrieved September 23, 2013.
  12. ↑ "Palisades Group Acquires Prudential's NJ P/C Company". Insurance Journal. May 23, 2003. Retrieved July 29, 2013.
  13. ↑ "C. Company Profile" (PDF). State of New Jersey Department of Banking and Insurance. p. 3.
  14. ↑ Sarah Coffey (May 7, 2012). "Since deregulation of auto insurance in Massachusetts, in-state agencies say they are competitive with national firms". Mass Live. Retrieved December 9, 2013.
  15. ↑ "Financial Report 2013". Retrieved January 3, 2013.
  16. ↑ "We Are Now Plymouth Rock Assurance in New Jersey". June 28, 2011. Retrieved July 29, 2013.
  17. ↑ "The Plymouth Rock Company 2011 Annual Report" (PDF). Retrieved August 29, 2013.
  18. ↑ "Ratings Recap: Iron Horse, Imperial Fire, Plymouth Rock, Bunker Hill". Insurance Journal. June 25, 2012. Retrieved August 29, 2013.
  19. ↑ Philip J. Kotler; Dipak C. Jain & Suvit Maesincee (2002). Marketing Moves: A New Approach to Profits, Growth, and Renewal. Harvard Business Press. p. 87. Retrieved July 29, 2013.
  20. ↑ Richard C. Whiteley (1997). Customer-centered Growth: Five Proven Strategies For Building Competitive Advantage. Basic Books. p. 152. Retrieved July 29, 2013.
  21. ↑ "Plymouth Rock Reports On 'Get Home Safe' Program [Health & Beauty Close - Up]". Insurance News Net. October 4, 2011. Retrieved August 7, 2013.
  22. ↑ "Plymouth Rock Adds Tow Service for Mass. Auto Insureds". Insurance Journal. July 21, 2006. Retrieved September 23, 2013.
  23. ↑ Nathan Golia (November 22, 2010). "Plymouth Rock Revamps Website". Insurance Tech. Retrieved July 29, 2013.
  24. ↑ Carrie Burns (November 8, 2010). "9 Insurance Companies Named 2010 INNovators". Insurance Networking. Retrieved July 29, 2013.
  25. ↑ Chris Reidy (June 4, 2013). "Nearly 40 percent of locals text while driving, Plymouth Rock Assurance survey finds". Boston Globe. Retrieved July 29, 2013.
  26. ↑ http://www.propertycasualty360.com/2014/04/25/study-reveals-2-3-of-drivers-are-distracted-on-the
  27. ↑ "Company Overview of Plymouth Rock Management Company of New Jersey". Businessweek. Retrieved December 9, 2013.

External links

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