MetLife completes sale of US unit to Zurich unit Farmers

MetLife has completed the sale of Metropolitan Property and Casualty Insurance Company to Farmers Group, a subsidiary of Zurich Insurance.

The $3.94 billion deal, first revealed late last year, sees Farmers Group jointly acquire MetLife Auto & Home with the Farmers Exchanges, a group of three reciprocal insurers.

At the same time, MetLife and Farmers Exchange have established a 10-year strategic partnership under which Farmers Insurance will provide personal lines products on MetLife’s US Group Benefits platform.

Farmers assumes responsibility for MetLife’s previous retail property and casualty clients.

Ramy Tadros, president, US Business, MetLife, said: “We look forward to continuing to deliver a broad range of benefits that meet the needs of our group customers, maintaining strong relationships with our distribution partners, and ensuring employees across the U.S. have access to auto and home coverage through our relationship with Farmers.”

Jeff Dailey, CEO for Farmers Group, added: “The completion of this transaction represents a new milestone in our organization’s nearly 100-year history that will help accelerate growth, diversify our distribution and position Farmers for the future.

“Farmers-branded products will now be available nationwide, providing consumers from coast to coast with more choices and opportunities to engage with Farmers when shopping for auto and home coverage.”

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