MetLife to sell insurance unit to Farmers parent for $3.94B

MetLife to sell unit to Farmers
MetLife announced Monday it plans to sell its insurance company to Farmers Group, a subsidiary of Zurich Insurance Group, for $3.94 billion.
In connection with the transaction, MetLife and the Farmers Exchanges have established a 10-year strategic partnership through which Farmers Insurance will offer its products on MetLife’s industry-leading U.S. Group Benefits platform, which reaches 3,800 employers and approximately 37 million eligible employees. Farmers will also gain access to MetLife’s network of 7,700 independent agents and assume responsibility for MetLife’s existing retail property and casualty customers.
MetLife and Farmers are targeting the transaction to close in the second quarter of 2021, subject to regulatory approvals.

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