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MAPFRE INSURANCE COMPANY of NEW YORK (Now Known As PLYMOUTH ROCK ASSURANCE CORPORATION of NEW YORK)

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MAPFRE INSURANCE COMPANY of NEW YORK (Now Known As PLYMOUTH ROCK ASSURANCE CORPORATION of NEW YORK) REPORT ON EXAMINATION OF MAPFRE INSURANCE COMPANY OF NEW YORK (now known as PLYMOUTH ROCK ASSURANCE CORPORATION OF NEW YORK) AS OF DECEMBER 31, 2018 DATE OF REPORT MAY 31, 2020 EXAMINER WAYNE LONGMORE TABLE OF CONTENTS ITEM NO. PAGE NO. 1. Scope of examination 2 2. Description of Company 3 A. Corporate governance 3 B. Territory and plan of operation 5 C. Reinsurance ceded 7 D. Holding company system 8 E. Significant ratios 10 3. Financial statements 12 A. Balance sheet 12 B. Statement of income 14 C. Capital and surplus 15 4. Losses and loss adjustment expenses 15 5. Subsequent events 16 6. Compliance with prior report on examination 19 7. Summary of comments and recommendations 20 ANDREW M. CUOMO LINDA A. LACEWELL Governor Superintendent May 31, 2020 Honorable Linda A. Lacewell Superintendent New York State Department of Financial Services Albany, New York 12257 Madam: Pursuant to the requirements of the New York Insurance Law, and in compliance with the instructions contained in Appointment Number 32002 dated September 9, 2019, attached hereto, I have made an examination into the condition and affairs of MAPFRE Insurance Company of New York, now known as Plymouth Rock Assurance Corporation of New York, as of December 31, 2018, and submit the following report thereon. Wherever the designation “the Company” appears herein, without qualification, it should be understood to indicate MAPFRE Insurance Company of New York. Wherever the term “Department” appears herein without qualification, it should be understood to mean the New York State Department of Financial Services. The examination was conducted at the Company’s home office located at 901 Franklin Avenue, Garden City, New York, 11530. One State Street, New York, NY 10004-1511 | (212) 480-6400 | www.dfs.ny.gov 2 1. SCOPE OF EXAMINATION The Department has performed an examination of the Company, a multi-state insurer. The previous examination was conducted as of December 31, 2013. This examination covered the five-year period from January 1, 2014, through December 31, 2018. Transactions occurring subsequent to this period were reviewed where deemed appropriate by the examiner. The examination was conducted in conjunction with the State of Massachusetts, which was the lead state of the MAPFRE Insurance Group. The examination was performed concurrently with the examinations of the following insurers: The Commerce Insurance Company, Citation Insurance Company, Commerce West Insurance Company, MAPFRE Insurance Company, MAPFRE Insurance Company of Florida, and American Commerce Insurance Company. Other states participating in this examination were Massachusetts, California, Florida, Ohio, and New Jersey. This examination was conducted in accordance with the National Association of Insurance Commissioners (“NAIC”) Financial Condition Examiners Handbook, which requires that we plan and perform the examination to evaluate the financial condition and identify current and prospective risks of the Company by obtaining information about the Company including corporate governance, identifying and assessing inherent risks within the Company and evaluating system controls and procedures used to mitigate those risks. This examination also includes assessing the principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation, management’s compliance with New York laws, statutory accounting principles, and annual statement instructions. This examination report includes, but is not limited to, the following: Company history Management and control Territory and plan of operation Reinsurance Holding company description Financial statement presentation Loss review and analysis Significant subsequent events Summary of recommendations A review was also made to ascertain what action was taken by the Company regarding the recommendations contained in the prior report on examination. 3 This report on examination is confined to financial statements and comments on those matters that involve departures from laws, regulations or rules, or that are deemed to require explanation or description. 2. DESCRIPTION OF COMPANY MAPFRE Insurance Company of New York, now known as Plymouth Rock Assurance Corporation of New York, was incorporated under the laws of the State of New York on August 14, 1954, as the Truckmen’s Insurance Company. On February 15, 2012, its name was changed to State-Wide Insurance Company. The present name was adopted on August 19, 2019. The Company was licensed September 9, 1954 and commenced business on October 1, 1954. The Company was sold to Plymouth Rock Assurance Corporation (“PRAC”), effective January 1, 2019. A. Corporate Governance Pursuant to the Company’s charter and by-laws, management of the Company is vested in a board of directors consisting of not less than seven persons. The board meets at least four times during each calendar year. At December 31, 2018, the board of directors was comprised of the following eight members: Name and Residence Principal Business Affiliation Randall Vaughn Becker Retired Webster, Massachusetts Alfredo Castelo Chairman, Boston, Massachusetts MAPFRE U.S.A. Corp. David Hill Cochrane Retired Sandwich, Massachusetts Francois Jean Facon Director, New York, New York MAPFRE U.S.A. Corp. Timothy John Morgan President and Chief Executive Officer, Portland, Oregon AAA Oregon/Idaho Kirk Richard Nelson President and Chief Executive Officer, Sammamish, Washington AAA Washington 4 Name and Residence Principal Business Affiliation Daniel Patrick Olohan Director, Walpole, Massachusetts MAPFRE U.S.A. Corp. Mark Harry Shaw President and Chief Executive Officer, Gahanna, Ohio AAA Ohio Auto Club Due to the Company’s sale to PRAC, new board members were appointed in 2019. At December 31, 2019, the board of directors was comprised of the following seven members: Name and Residence Principal Business Affiliation Harold Ronny Belodoff President, Newton, Massachusetts The Plymouth Rock Company Incorporated Mary Joyce Boyd President and Chief Executive Officer, Hingham, Massachusetts Plymouth Rock Assurance Corporation Colleen Mary Granahan Vice President, Newton Highlands, Massachusetts The Plymouth Rock Company Incorporated William Daniel Hartranft Vice President and Chief Financial Officer, Newton, Massachusetts Plymouth Rock Assurance Corporation John Conrad Hill President, Brooklyn, New York Central Securities Corporation Paul David Luongo President and Chief Information Officer, Westwood, Massachusetts Shared Technology Services Group Inc. Sandra Ann Urie Chief Operating Officer and Chief Executive Winchester, Massachusetts Officer, Cambridge Associates LLC As of December 31, 2018, the principal officers of the Company were as follows: Name Title Alfredo Castelo President and Chief Executive Officer Francois Jean Facon Executive Vice President and Chief Financial Officer Daniel Patrick Olohan Executive Vice President, General Counsel and Secretary Robert Edward McKenna Treasurer, Chief Accounting Officer and Senior Vice President 5 Due to the Company’s sale to PRAC, new officers were appointed. As of December 31, 2019, the principal officers of the Company were as follows: Name Title Mary Joyce Boyd President, Chief Executive Officer and Chief Operating Officer William Daniel Hartranft Treasurer and Chief Financial Officer Kristin Virginia Collins Secretary Certain conflict of interest statements, signed by officers and directors of the Company for the years under examination, were not available for review. It is recommended that the Company maintain conflict of interest statements at its home office for each year under examination. A similar recommendation was included in the previous report on examination. The Company was unable to document compliance with Section 312(b) of the New York Insurance Law, which states: “A copy of the report shall be furnished by such insurer or other person to each member of its board of directors and each such member shall sign a statement which shall be retained in the insurer's files confirming that such member has received and read such report. The superintendent may require that a copy of the report shall also be furnished by such insurer to the supervising insurance official of each state in the United States in which such insurer is authorized to do an insurance business.” It is recommended that the Company comply with Section 312(b) of the New York Insurance Law by furnishing each member of the board a copy of the report on examination and retaining a statement from each board member that he or she has received and read such report. A similar recommendation was included in the previous report on examination. B. Territory and Plan of Operation As of December 31, 2018, the Company was licensed to write business in the states of New Jersey and New York. As of the examination date, the Company was authorized to transact the kinds of insurance as defined in the following numbered paragraphs of Section 1113(a) of the New York Insurance Law: 6 Paragraph Line of Business 4 Fire 5 Miscellaneous property 6 Water damage 7 Burglary and theft 8 Glass 11 Animal 12 Collision 13 Personal injury liability 14 Property damage liability 19 Motor vehicle and aircraft physical damage 20 Marine and inland marine (inland only) Based upon the lines of business for which the Company is licensed, and pursuant to the requirements of Articles 13 and 41 of the New York Insurance Law, the Company is required to maintain a minimum surplus to policyholders in the amount of $850,000. The
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