Mercer Insurance Group Inc. and Financial Pacific Insurance Group Inc. have signed a plan for Mercer to acquire all the outstanding stock of Financial Pacific for approximately $40.4 million in cash. The transaction will be effected through a merger of a wholly owned subsidiary of Mercer into Financial Pacific. The transaction is expected to be completed during the summer. Mercer Insurance offers commercial and personal lines products in Pennsylvania and New Jersey. The acquisition provides product and geographic diversification for Mercer. In 2004, Financial Pacific generated $107 million of direct premiums primarily in California, Nevada, Oregon and Arizona through 300 independent agents.
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