Plymouth Rock to Acquire Rider Insurance Company
Plymouth Rock Assurance reached agreement today to expand its investment in the motorcycle insurance segment with the acquisition of Rider Insurance Company, subject to regulatory approvals. A New Jersey-based motorcycle insurance carrier with $21 million in annual premiums, Rider Insurance was founded by a motorcycle enthusiast and has been committed to protecting fellow riders for nearly 50 years.
The acquisition creates an opportunity for Plymouth Rock to invest more deeply in the motorcycle insurance segment, while also allowing the company to market its auto and home insurance products to Rider customers. For Rider, the transaction places its valued customers and business partners with an A.M. Best A- (“Excellent”) rated company with the scale, financial resources and expertise to continue to provide the superior level of service with which they have grown accustomed.
“Plymouth Rock has always been interested in expanding our presence in the motorcycle line of business. Rider Insurance has a strong reputation within the riding community for delivering exceptional service to motorcycle enthusiasts, which is something that aligns very closely with the core values of Plymouth Rock. We are very excited about this transaction and growing our motorcycle business.” – Gerry Wilson, President and CEO of the Plymouth Rock Management Company of New Jersey.
“I am extremely proud of the company we have built and it has been my honor to lead it and serve the motorcycle community for the past 48 years. I want to thank all of our customers and employees for making Rider what it is today. I am confident that our customers will be in excellent hands with Plymouth Rock and they will continue to deliver the quality coverage and value our riders have come to expect.” – Harry Bleiwise, Founder and Chairman of the Board, Rider Insurance Company.
The transaction is subject to approval by the New Jersey Department of Banking and Insurance.