Washington state Insurance Commissioner Richard Marquardt approved...

Washington state Insurance Commissioner Richard Marquardt approved the proposed acquisition of Los Angeles-based Farmers Group by Batus Inc., overturning a previous ruling. Farmers and Batus last week ended their long takeover battle by agreeing to merge at $75 per share of Farmers stock. In a joint statement, the two companies said Batus met concerns raised by Marquardt by agreeing to continue to offer nonsmoking discounts and hospital medical malpractice insurance until July 31, 1993, in the state of Washington. Five states have approved the acquisition. Regulatory approval is required in nine states before the merger can be completed.