A specialist in workers' compensation insurance has agreed to buy the subprime lender PacificAmerica Money Center for a big premium to its market price.

Santa Monica-based Fremont General Corp., the holding company for the largest of California's thrift and loans, said Friday that it would pay $55 million, or $10 a share, more than double the $4.875 trading price.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.