Madrid, Spain-based insurer MAPFRE said it has completed its acquisition of personal lines insurer The Commerce Group Inc. of Webster, Mass.
MAPFRE said it paid $36.70 in cash per share of Commerce's publicly traded stock, with total merger consideration of $2.2 million as of the date of the closing. The deal is worth more than $2.2 billion.
Commerce, the largest auto and homeowners' insurer in Massachusetts, is licensed in all 50 states and has operations in 17 states.
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