CRM To Acquire Embarcadero For Estimated $45 Million

CRM Holdings, Ltd., a provider of fee-based management and other services for workers' compensation self-insured groups in New York and California, yesterday announced it has entered into a definitive agreement to acquire privately-held, San Francisco-based workers' compensation insurer Embarcadero Insurance Holdings, Inc., for Embarcadero's book value on the closing date of the transaction. CRM estimates the purchase price to be approximately $45 million and that it will be completed before the end of the year.