Boston-based Plymouth Rock Assurance Corporation announced that it would offer five-year contracts to independent agents who represent Holyoke Mutual for Massachusetts private passenger auto insurance.
Holyoke, based in Salem, will no longer write Massachusetts private-passenger auto insurance effective January 1, 2004. “Under the agreement, Holyoke agents who transfer business to Plymouth Rock will be able to have their policies electronically transferred directly from Holyoke to Plymouth Rock beginning November 2003 for January 2004 renewals,” said the announcement. “This will create a seamless transition for Holyoke’s independent agents.”
It also noted that “The Massachusetts Division of Insurance approved the plan for the orderly transfer of business from Holyoke Mutual to Plymouth Rock under Commonwealth Automobile Reinsurers (CAR) Rule 3©. CAR will reassign Holyoke’s exclusive representative producers to Plymouth Rock.”
Plymouth Rock president Hal Belodoff said the company welcomed “Holyoke’s agents and customers to Plymouth Rock,” and indicated that, “We are committed to providing a smooth transition and will work very hard to exceed their expectations with respect to customer service.”
The bulletin noted that “Plymouth Rock Assurance, a subsidiary of The Plymouth Rock Company, had $145.6 million in direct written auto premiums in 2002, with $142.8 million in Massachusetts and $2.8 million in Connecticut. It is the ninth-largest private passenger auto insurer in Massachusetts, insuring about 162,000 Massachusetts autos, or 3.9 percent of the market.”