April 3, 2007
Commerce expands into New York
By Matthew L. Brown
The Commerce Group Inc., a Webster-based property and casualty insurance company, said it completed its acquisition of SWICO Enterprises Inc., the holding company for State-Wide Insurance Co. of New York.
The acquisition allows Commerce to enter the New York personal insurance market.
State-Wide primarily writes private automobile insurance policies in New York, and at the end of 2006, reported $38 million in direct written premiums.
Commerce's subsidiaries include the Commerce Insurance Co., and the Citation Insurance Co. in Massachusetts; the Commerce West Insurance Co. in California, and American Commerce Insurance Co. in Ohio.
Financial terms of the acquisition were not disclosed.
The acquisition allows Commerce to enter the New York personal insurance market.
State-Wide primarily writes private automobile insurance policies in New York, and at the end of 2006, reported $38 million in direct written premiums.
Commerce's subsidiaries include the Commerce Insurance Co., and the Citation Insurance Co. in Massachusetts; the Commerce West Insurance Co. in California, and American Commerce Insurance Co. in Ohio.
Financial terms of the acquisition were not disclosed.
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