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.
