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MetLife Completes Sale of Auto & Home Business to Zurich Insurance Group Subsidiary Farmers Group, Inc.
April 7, 2021 GMT
NEW YORK (BUSINESS WIRE) Apr 7, 2021
MetLife, Inc. (NYSE: MET) today announced the completion of its sale of Metropolitan Property and Casualty Insurance Company and certain wholly-owned subsidiaries to Farmers Group, Inc., a subsidiary of Zurich Insurance Group, for a purchase price of $3.94 billion in cash.
In addition, MetLife and Farmers Exchanges have established a 10-year strategic partnership through which Farmers Insurance
® (Farmers) will offer personal lines products on MetLife’s industry-leading U.S. Group Benefits platform, which reaches 3,800 employers and approximately 37 million eligible employees. Farmers assumes responsibility for MetLife’s previous retail property and casualty customers.
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WOODLAND HILLS, Calif., April 7, 2021 /PRNewswire/ The Farmers Exchanges and Farmers Group, Inc. (FGI) today announced they have jointly completed the acquisition of MetLife s property and casualty business (MetLife Auto & Home) for a purchase price of $3.94 billion as of April 7, assuming responsibility for 2.4 million policies in force. The closure provides the Farmers brand significant opportunity to expand its customer reach with a truly national presence, grow its core property and casualty business and strengthen its position as one of the leading personal lines carriers in the United States.
Farmers Insurance Logo. (PRNewsFoto/Farmers Insurance)
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