Arcadian Health Plan acquisition
Pacific Northwest Title Insurance Company filed an application for a proposed merger with and into its indirect parent company, First American Title Insurance Company. First American Title would be the surviving entity from this merger.
Pacific Northwest Title is a Washington-domiciled title insurer operating in Washington since 1927.
First American Title Insurance Company is a California-domiciled title insurer and has been licensed in Washington since 1969. First American Title has owned Pacific Northwest Title since 2004.
History of the process
In mid March 2010, we received the application for the merger of Pacific Northwest Title. We are currently reviewing that application at this time.
On July 25, 2010, the judge held an adjudicative hearing and approved the merger transaction. The merger has an effective date of June 30, 2010.
What we look at
In all proposed mergers, the companies must file an application that details:
- A plan of merger including corporate documents approving the proposed merger;
- Financial information for both companies;
- The effect of the merger on the current Washington policyholders;
- Any changes in their business plan; and
- Any market competition impacts.
Under state law, the commissioner must approve the merger unless:
- The plan of merger is not fair, equitable, or consistent with law; or
- It is in some other way “hazardous or prejudicial to the insurance-buying public."