Farmers Exchanges, along with parent company Zurich, have closed their purchase of MetLife’s U.S. property and casualty business for $3.94 billion.
Farmers, which was itself purchased by Zurich in 1998, will rebrand MetLife Auto & Home policies to the Farmers name, yet leave the rest of the business relatively intact, according to MetLife CEO Michel Khalaf. The 2.4 million home and auto policies will make Farmers a national brand, making them a major personal lines carriers in the U.S.
Overall, the move is expected to deliver Farmers growth within the Employee Group Benefit business and improve it’s collaboration with independent agents.
Read Farmers press release https://www.prnewswire.com/news-releases/the-farmers-exchanges-and-farmers-group-inc-fgi-close-acquisition-of-metlife-auto–home-property-and-casualty-business-301264523.html