EUR 3.94 million paid ZURICH and Farmers Exchanges for MetLife P&C business in U.S.

8 April 2021 — press.release
Zurich and Farmers Exchanges complete acquisition of MetLife property and casualty (P&C) business in U.S. for the amount of USD 3,94 billion. Zurich contributed USD 2.43 billion through its subsidiary Farmers Group, Inc. (FGI) and the Farmers Exchanges USD 1.51 billion.

The acquisition, announced on December 11, 2020, gives the 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 industry-leading U.S. Group Benefits platform, which today reaches 3,800 companies and 37 million employees.

Mario GRECO, Zurich Group Chief Executive Officer said: "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."

The acquisition is expected to contribute immediately to Zurich's earnings and deliver a return on investment to the Group of approximately 10% from 2023.

Share |