MAPFRE S.A. of Spain and US insurer The Commerce Group, Inc. ("COMMERCE") (NYSE:CGI) have announced today the signing of a merger agreement by which MAPFRE will acquire 100 per cent of the share capital of US insurer COMMERCE for €1,538 million ($2,207 million), in what represents a decisive step in its international expansion and the largest investment in the history of MAPFRE.The agreement foresees the merger of COMMERCE with a US subsidiary of MAPFRE. COMMERCE is the leading writer of Non-life personal insurance lines in the state of Massachusetts (US), where it holds a 31.5% market share in personal Motor Insurance.....
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Car Insurance News: MAPFRE Reaches an Agreement to Acquire US Insurer The Commerce Group, Inc. For EUR 1,538 Million ($2,207 Million)...Get an auto insurance quote!