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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.
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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.