MAPFRE Insurance has entered into an agreement with MiddleOak Insurance group to expand its personal lines business in New England. The agreement focuses on personal lines business in the states of Connecticut, Massachusetts, Rhode Island, and New Hampshire.
In addition, as part of the agreement, MAPFRE will be entering the states of Maine and Vermont.
Under the agreement, MAPFRE will acquire access to as much as $127 million of MiddleOak's automobile, homeowners', dwelling fire, umbrella, watercraft, and flood business.
MAPFRE said in a statement that it will offer agency agreements to MiddleOak independent agents in New England who are not already MAPFRE agents and, working with agents, will offer insurance policies to MiddleOak customers at the time their policies would otherwise renew.
In addition, MAPFRE said that it will offer employment to some MiddleOak employees and has implemented multiple plans to effect the transition of MiddleOak's operations to MAPFRE systems.
Jaime Tamayo, the president and chief executive officer of MAPFRE U.S.A. Corp., said, “MAPFRE Insurance is pleased with our agreement with MiddleOak, which represents another step in MAPFRE's expansion and product diversification efforts in the U.S. We look forward to providing MiddleOak agents and their customers with MAPFRE's exceptional service, products, and prices.”
Learn more: https://www.mapfreinsurance.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].