A subsidiary of insurance carrier Farmers Group Inc. announced it will acquire MetLife Auto & Home, the property and casualty division of MetLife Inc.
Financial terms of the deal were not disclosed. The transaction is expected to close in the second quarter of 2021.
The buying entity is The Farmers Exchanges, a group of three reciprocal insurers based in Woodland Hills. Upon completing the acquisition, it will enter a 10-year exclusive distribution agreement with MetLife under which Farmers will be able to offer personal lines of coverage on MetLife's U.S. Group Benefits platform. It will also assume MetLife Auto & Home’s 3,500 U.S. employees, as well as access to about 250 of MetLife’s affinity groups.