Plymouth Rock Assurance has agreed to expand its investment in the motorcycle insurance segment by acquiring Rider Insurance Company.
A New Jersey-based motorcycle insurance carrier with $21 million in annual premiums, Rider Insurance was founded by a motorcycle enthusiast nearly 50 years ago.
In a statement, Plymouth Rock said that the acquisition created 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.
“Plymouth Rock has always been interested in expanding our presence in the motorcycle line of business,” said Gerry Wilson, president and chief executive officer of the Plymouth Rock Management Company of New Jersey. “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.”
“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,” said Harry Bleiwise, Rider's founder and board chair. “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.”
The transaction is subject to approval by the New Jersey Department of Banking and Insurance.
Learn more: plymouthrock.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].