Plymouth Rock Assurance has signed an agreement to acquire Rider Insurance Company, a New Jersey-based motorcycle insurance carrier, for an undisclosed sum.

Takeover of Rider Insurance, which underwrites $21m in premiums per year, is part of Plymouth Rock Assurance’s strategy to invest more in the motorcycle insurance segment.

The deal will also enable Plymouth Rock Assurance to sell its auto and home insurance products to Rider’s customers.

Plymouth Rock Management Company of New Jersey president and CEO said: “Plymouth Rock has always been interested in expanding our presence in the motorcycle line of business.

“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.”

Rider Insurance Company founder and chairman of the board Harry Bleiwise said: “I am extremely proud of the company we have built and it has been my honour to lead it and serve the motorcycle community for the past 48 years.

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“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 deal is subject to receipt of approval from the New Jersey Department of Banking and Insurance.

The Plymouth Rock Group of Companies collectively underwrite and manage over $1.4bn in auto and home insurance premiums across Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Pennsylvania.