Zurich completes acquisition of MetLife P&C in US
Zurich subsidiaries Farmers Group and Farmers Exchanges have completed the acquisition of MetLife’s property and casualty business in the US for a purchase price of $3.94 billion.
The acquisition announced on December 11, 2020, gives Farmers Exchanges “a truly nationwide presence and access to new distribution channels.” This includes a 10-year exclusive distribution agreement through which the Farmers Exchanges will offer their personal lines products on MetLife’s US Group Benefits platform, which today reaches 3,800 companies and 37 million employees.
“We are very pleased that the acquisition has been approved so rapidly. We expect the new business to contribute to growth beginning this quarter and start building on the leading positions that Zurich and the Farmers Exchanges have separately developed in the attractive U.S. market.” – Zurich Group Chief Executive Officer Mario Greco.