Farmers Completes Acquisition of MetLife Auto & Home Business for $3.9 Billion April 8, 2021
Zurich Insurance and Farmers Exchanges have closed on buying MetLife’s U.S. property/casualty business for $3.94 billion.
The business acquired includes 2.4 million MetLife Auto & Home policies, $3.6 billion of net written premiums (2019) and 3,500 employees, according to Zurich.
The deal provides the Farmers brand an opportunity to gain more of a national presence and strengthen its position a major personal lines carriers in the U.S.
Jeff Dailey, chief executive officer for Farmers Group, called the deal a “milestone” in his company’s nearly 100-year history. He said Farmers-branded products will now be available nationwide, “providing consumers from coast to coast with more choices and opportunities to engage with Farmers when shopping for auto and home coverage.”
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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)
The Farmers Exchanges and Farmers Group, Inc. (FGI) Close Acquisition of MetLife Auto & Home Property and Casualty Business prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
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.