The Commerce Group Inc. announced that it had entered into an agreement with Berkshire Mutual Insurance Co. to transfer Berkshire’s Massachusetts personal automobile business to its Mass. subsidiary, Commerce Insurance (CI), effective January 1, 2002.
Under terms of the agreement, CI will offer agency contracts to independent agencies that represent Berkshire for personal automobile insurance in the State, which will allow them to offer CI policies to their current Berkshire customers.
Commerce will assume all of Berkshire’s obligations for future policy years beyond 2001 under the Massachusetts residual market system, commonly known as C.A.R. (Commonwealth Automobile Reinsurers), and will receive $7 million from Berkshire as consideration in early January, 2002.
Topics Auto Personal Auto Massachusetts
Was this article valuable?
Here are more articles you may enjoy.
Business Moves: Trucordia Acquires 5 Local Agencies in 4 States 
FEMA Chief Resigns After Six Months, Criticism Over Floods 
Bipartisan Legislation Introduced to Retroactively Restore NFIP 
PwC: Insurance Execs Say Agentic AI Leading Industry Transformation 
