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Friday, 11 December 2020 17:56

The Farmers Exchanges and Farmers Group, Inc. to Acquire MetLife Auto & Home

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The Farmers Exchanges and Farmers Group, Inc. have announced they will jointly acquire MetLife's property and casualty business, MetLife Auto & Home.

Completion of the transaction is subject to regulatory approvals and is anticipated to occur in the second quarter of 2021.

 

As part of the transaction, the Farmers Exchanges are entering into a 10-year exclusive distribution agreement with MetLife, the leading group benefits company in the U.S.

 

Under the 10-year exclusive distribution agreement, Farmers and MetLife plan to leverage combined capabilities to offer personal lines products on MetLife's U.S. Group Benefits platform, which reaches 3,800 employers and approximately 37 million eligible employees.

 

The transaction gives Farmers a truly nationwide presence and access to new distribution channels. On a pro-forma basis, Farmers will become the sixth-largest personal lines insurer in the U.S. The business to be acquired had 2.4 million policies in force and $3.6 billion net written premiums in 2019.

 

"The acquisition of MetLife Auto & Home is a unique opportunity to accelerate our growth and gives us...


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