Zurich Insurance Group has confirmed it is in discussions to acquire MetLife’s U.S. property and casualty business. Zurich subsidiary, Farmers Group, Inc., is proposing to acquire the business in conjunction with the Farmers Exchanges.
The terms of any transaction are subject to negotiations and there can be no assurance that a transaction will take place, Zurich said in a statement.
Zurich currently has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly owned subsidiary of the Group, provides certain non-claims services and ancillary services to the Farmers Exchanges as its attorney-in-fact and receives fees for its services.
Zurich provides both life and P&C insurance
Zurich is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of property and casualty and life insurance products and services in more than 215 countries and territories.
Metlife has been facing stiff competition from larger U.S. players like State Farm and GEICO. It reported third-quarter net income of US$633 million, or $0.69 per share for 2020, compared with net income of US$2.2 billion, or $2.30 per share in the third quarter of 2019.
Zurich’s current customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The group is headquartered in Switzerland where it was founded in 1872.
