Commerce Group's top executives and directors are sitting on a goldmine worth more than $400 million as a result of Madrid-based Mapfre SA's surprise announcement that it's buying Massachusetts' largest auto and home insurance company for $2.2 billion.Mapfre's offer to purchase Commerce shares for $36.70, an 18 percent premium over Tuesday's closing price, comes less than two months after Commerce directors' approved new severance packages, according to company filings. Though Mapfre has indicated it wants to retain top executives, the severance package would give Commerce chief executive Gerald Fels at least $5.7 million in cash and stock if he were to depart the company under terms of the severance package, according to company filings from last spring.....
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Car Insurance News: Execs Strike Gold ; Commerce Severance Hiked Before $2.2B Sale...Get an auto insurance quote!