Plymouth Rock Assurance is an insurance group that underwrites and manages property and casualty policies through independent companies in several US states.
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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. The first insurance company in the group, Plymouth Rock Assurance Corporation (PRAC), was formed in December 1982 and opened for business in October 1983. The company wrote its first policy on January 1, 1984 and reported its first net income the following year.
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. In 1991, Plymouth Rock expanded into New Hampshire by founding Mt. Washington Assurance Corporation. 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. In 1995, Bunker Hill Insurance Company was incorporated, offering homeowners insurance in Massachusetts. PRAC expanded into Connecticut in 2002 and began writing policies that May.
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. In 2007, Lancer Casualty Company was acquired by High Point and renamed Teachers Auto Insurance Company of New Jersey.
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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. PRAC was the fifth largest automobile insurer in Massachusetts in 2011. In 2013, PRAC recorded $291 million in direct premiums written.
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. 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+.
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. 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. 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. In 2010, Plymouth Rock released mobile applications for its services. 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. 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. 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.
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.
Source of the article : Wikipedia
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