MetLife US P/C acquisition completes

Zurich Insurance subsidiary, Farmers Group, and Farmers Exchanges have completed the acquisition of MetLife’s property and casualty business in the US for a purchase price of US$3.94bn.

Zurich contributed US$2.43bn through FGI and the Farmers Exchanges US$1.51bn.
The acquisition gives the Farmers Exchanges a nationwide presence and access to new distribution channels.

“We are very pleased that the acquisition has been approved so rapidly,” said Zurich Group CEO, Mario Greco. “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 US 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.

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