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.

    Share Story:

Recent Stories

Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021

Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021