Iowa-based United Fire & Casualty has received the required regulatory approvals from the California Department of Insurance, the New Jersey Department of Banking and Insurance and the Pennsylvania Department of Insurance, relating to its proposed acquisition of Mercer Insurance Group.
In New Jersey, Mercer Insurance’s common stockholders also approved the proposed acquisition of Mercer Insurance by United Fire.
On November 30, 2010, United Fire and Mercer Insurance had entered into the acquisition agreement.
United Fire president and CEO Randy Ramlo said the company is that Mercer Insurance stockholders have approved this acquisition.
"We feel they are a good, strategic fit with our current operations. We look forward to the company and its employees, agents and policyholders joining United Fire," Ramlo said.
The transaction remains subject to the satisfaction of other customary closing conditions and the acquisition is expected to close no later than 31 March 2011.
United Fire & Casualty is engaged in the business of writing property and casualty insurance and life insurance and selling annuities. The company’s net premiums written totaled $463.9m for the year 2010, and the market capitalization was $584.7m at 31 December 2010.