Central Securities Corp (CET)

[Enterprising Investor]

CET’s largest investment continues to be The Plymouth Rock Company, Inc., a privately-held insurance company in which the fund invested approximately $700,000 at its inception in 1982.

CET currently owns 23% of Plymouth Rock. The investment accounted for 20.4% of Net Assets at 3/31/19 and has a value of $179.1 million.

The Plymouth Rock Group of Companies together write and manage over $1.2 billion in personal and commercial auto, homeowners and umbrella insurance in Massachusetts, New Hampshire, Connecticut, New York, New Jersey and Pennsylvania.

Plymouth Rock owns two buildings in Boston with a historic cost $23 million, which are now estimated to be worth $131 million versus a net book value of $34 million at 12/31/18. The buildings are located at 695 Atlantic Avenue and 99 Bedford Street.