Webster-based MAPFRE Insurance has entered into an agreement with MiddleOak Insurance group to expand in New England.
The agreement focuses on personal lines business in Connecticut, Massachusetts, Rhode Island and New Hampshire. 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 and enter into the Maine and Vermont markets.
MAPFRE Insurance entered into the agreement with MiddleOak in connection with MiddleOak’s exit from the personal lines market in New England. MiddleOak writes personal lines business in all six New England states and is the 13th largest personal lines insurer in Connecticut.
MAPFRE Insurance plans to offer employment to some MiddleOak employees and has implemented multiple plans to effect the transition of MiddleOak’s operations to MAPFRE systems.
"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.," Jaime Tamayo, president and CEO of MAPFRE U.S.A. Corp., said in a statement. "We look forward to providing MiddleOak agents and their customers with MAPFRE’s exceptional service, products, and prices."