June 5, 2008
Mapfre Closes On Commerce Deal
By Matthew L. Brown
Mapfre, Spain's largest insurer, has completed its $2.2 billion acquisition of Webster-based insurer the Commerce Group Inc.
Commerce is the largest auto and homeowner insurer in Massachusetts and the 20th largest automobile insurer in the U.S. The company is licensed in all 50 states and has operations in 17. In addition to being the largest insurer in Spain, Mapfre is the largest non-life insurer in Latin America.
Mapfre intends to keep Commerce's headquarters in Webster. Commerce CEO Gerald Fels , company management and its 2,400 employees will keep their jobs, Mapfre said.
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