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WOODLAND HILLS, Calif., Dec. 11, 2020 /PRNewswire/ The Farmers Exchanges and Farmers Group, Inc. (FGI) have announced they will jointly acquire MetLife s property and casualty business (MetLife Auto & Home). Completion of the transaction is subject to regulatory approvals and is anticipated to occur in the second quarter of 2021.
Farmers Insurance Logo. (PRNewsFoto/Farmers Insurance)
As part of the transaction, the Farmers Exchanges are entering into a 10-year exclusive distribution agreement with MetLife, the leading group benefits company in the United States. Under the 10-year exclusive distribution agreement, Farmers
® and MetLife plan to leverage combined capabilities to offer personal lines products on MetLife s U.S. Group Benefits platform, which reaches 3,800 employers and approximately 37 million eligible employees.
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A roundup of some of the North American equities making moves in both directions today
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Zurich Insurance Group AG's subsidiary Farmers Group, Inc. has agreed to acquire MetLife Inc.'s property-and-casualty business in the U.S. with the Farmers.
Zurich and Farmers Agree to Buy MetLife’s U.S. P/C Business for $3.94 Billion December 11, 2020
Zurich Insurance and Farmers Exchanges have agreed to buy MetLife’s U.S. property and casualty business for $3.94 billion, the insurers said on Friday, after the COVID-19 pandemic made motor and home insurers more profitable.
Motor and home insurers have had a windfall as government lockdowns to curb the spread of infection have reduced the number of claims for road accidents and burglaries.
Insurers, such as Zurich, by contrast have faced hefty claims from event cancellation and business interruption and premium rates are rising.
Zurich and Farmers to buy MetLife U S P&C business for $3 94 bln thestarphoenix.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestarphoenix.com Daily Mail and Mail on Sunday newspapers.