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(Bloomberg) Zurich Insurance Group AG agreed to buy of MetLife Inc.’s U.S. property and casualty business in a $3.94 billion cash transaction, extending its reach in the world’s largest economy.
Zurich’s subsidiary Farmers Group Inc. and Farmers Exchanges, which the insurer manages, will fund the purchase jointly, the Swiss company said in a statement on Friday.
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Zurich will gain a nationwide presence in the U.S. and access to MetLife’s distribution channels to 3,800 companies for 10 years, the company said. That may help boost revenue at the unit, where gross written premiums declined 3% to $15.3 billion in the third quarter.
Zurich Insurance Buys MetLife’s P&C Unit for $4B
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Zurich Insurance Group AG agreed to buy of
MetLife Inc.’s U.S. property and casualty business in a $3.94 billion cash transaction, extending its reach in the world’s largest economy.
Zurich’s subsidiary
Farmers Group Inc. and
Farmers Exchanges, which the insurer manages, will fund the purchase jointly, the Swiss company said in a statement on Friday.
Zurich will gain a nationwide presence in the U.S. and access to MetLife’s distribution channels to 3,800 companies for 10 years, the company said. That may help boost revenue at the unit, where gross written premiums declined 3% to $15.3 billion in the third quarter.
MetLife sells home and auto biz to Zurich s Farmers for $4B apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.
Insurers Ink $90 Billion in Merger Deals as They Pursue Post-Coronavirus Clout
Insurers pummeled by the pandemic are looking to deals as they race to see who’ll emerge strongest when the outbreak subsides.
The takeover of RSA Insurance Group Plc and Allstate Corp.’s largest acquisition ever have helped push industry deals announced this year to nearly $93 billion, according to data compiled by Bloomberg. With other major companies including Zurich Insurance Group AG eyeing purchases, 2020 is on course to be one of the biggest for deals since the last financial crisis.
Insurers were already under pressure to combine before the coronavirus battered their balance sheets, with record low bond yields and mounting regulation costs chipping away at their earnings for years. As the pandemic accelerates those trends and squeezes valuations, a new sense of urgency has kicked in. With the onus on boosting income from premiums, many are focusing on bulking up in markets where they’re fi