Farmers Insurance to acquire MetLife

ROCKFORD, Ailing. (WIFR) – The Farmers Exchanges and Farmers Group, Inc. have introduced they may collectively purchase MetLife’s property and casualty enterprise, MetLife Auto & Dwelling.

Completion of the transaction is predicted 2021.

As a part of the transaction, the Farmers Exchanges are getting into right into a 10-year unique distribution settlement with MetLife. Underneath the 10-year unique distribution settlement, Farmers and MetLife plan to leverage mixed capabilities to supply private traces merchandise on MetLife’s U.S. Group Advantages platform, which reaches 3,800 employers and roughly 37 million eligible workers.

The acquisition will result in 3,500 MetLife Auto & Dwelling workers to Farmers.

Farmers will change into the sixth-largest private traces insurer within the U.S. The enterprise to be acquired had 2.four million insurance policies in drive and $3.6 billion web written premiums in 2019.

“The acquisition of MetLife Auto & House is a novel alternative to speed up our progress and offers us a major presence in all 50 states,” Jeff Dailey, Chief Govt Officer of Farmers Group, Inc. stated. “MetLife’s distribution channels complement our present power within the unique agent channel, deepen our presence within the fast-growing unbiased agent channel and supply us entry into the worksite advertising and marketing channel through a number one platform, with the 10-year unique distribution settlement by means of MetLife Group Advantages.”

Farmers may also acquire entry to extra unbiased brokers through the MetLife Auto & Dwelling community. Moreover, Farmers good points entry to about 250 affinity teams by means of MetLife’s affinity channel.

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