Massachusetts officials will hear tesimony on May 1 on the proposed acquisition of the state’s largest auto insurance writer, Commerce Insurance, and its sister company, Citation Insurance, by the giant Spanish insurer Mapfre.
Completion of the merger, proposed last October, remains subject to regulatory approvals in Massachusetts, as well as California, New York and Ohio.
Shareolders of The Commerce Group, Inc. voted at a special meeting in February to approve the agreement. The company said 88 percent voted to approve the deal.
When the merger is completed, each holder of Commerce common stock at the time of the merger will be entitled to receive $36.70 in cash, without interest and less any applicable withholding taxes, for each share of Commerce common stock.
Documents filed in connection with the proposed acquisition of control are available for public inspection at the Division of Insurance, 5th Floor, One South Station, Boston, Massachusetts, 02110-2208.
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