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MetLife, Inc. (NYSE: Met) nowadays declared that it has signed a definitive arrangement to sell Metropolitan Assets and Casualty Insurance policies Organization and certain wholly owned subsidiaries to Farmers Group, Inc. (FGI), a subsidiary of Zurich Insurance policy Team, for $3.94 billion in dollars, matter to the terms therein. FGI has informed MetLife that it will promote the insurance plan functions to the Farmers Exchanges.
In relationship with the transaction, MetLife and the Farmers Exchanges have set up a 10-calendar year strategic partnership by which Farmers Insurance plan® (Farmers) will present its personal lines merchandise on MetLife’s market-primary U.S. Team Gains platform, which right now reaches 3,800 companies and roughly 37 million suitable personnel. Farmers will also gain accessibility to MetLife’s community of 7,700 independent brokers and suppose obligation for MetLife’s existing retail property and casualty prospects.
Commenting on the sale and the partnership, MetLife President and CEO Michel Khalaf stated:
“Following our a short while ago announced acquisition of Versant Health and fitness, which will catapult MetLife to the No. 3 vision treatment service provider in the U.S. by membership, this transaction is one more bold step in the execution of our Next Horizon system. It will make it possible for us to focus on our main strengths, simplify the corporation operationally, and even more differentiate our providing in the critically vital employee gains space.
“The personnel focused to MetLife Vehicle & House have built a sturdy small business and will now become component of a single of the country’s primary personal traces coverage companies. By combining the ability of MetLife’s group gains channel with Farmers’ higher brand name recognition and 90 a long time of private lines excellence, we are enabling just about every company to do what it does best.
“We glance forward to continuing to meet the expectations of our team clients, preserving solid associations with our distribution companions, and giving workers across the U.S. with interesting benefits through our partnership with Farmers.”
The 10-calendar year strategic partnership will deliver MetLife’s existing group benefits shoppers with continuity in account administration although adding Farmers marketplace-foremost products to the system. MetLife is the current market leader in the U.S. group positive aspects space, featuring around 35 team merchandise and providers – the most in the business – and serving tens of hundreds of thousands of U.S. employees and their dependents.
MetLife and Farmers are targeting the transaction to near in the second quarter of 2021, matter to customary closing ailments, such as regulatory approvals. MetLife expects to report its home & casualty enterprise as a divested enterprise in the initial quarter 2021. Rothschild & Co acted as fiscal advisor and Debevoise & Plimpton LLP served as authorized counsel to MetLife in relationship with this transaction.
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About MetLife
MetLife, Inc. (NYSE: Achieved), by its subsidiaries and affiliates (“MetLife”), is one of the world’s leading economical solutions businesses, providing insurance policy, annuities, personnel rewards and asset administration to help its person and institutional shoppers navigate their modifying globe. Started in 1868, MetLife has functions in more than 40 marketplaces globally and holds foremost positions in the United States, Japan, Latin The usa, Asia, Europe and the Center East. For much more data, pay a visit to www.metlife.com.
Ahead-Looking Statements
The ahead-on the lookout statements in this information launch, this sort of as “expect” and “target,” are dependent on assumptions and expectations that contain risks and uncertainties, like the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s long term success could differ, and it has no obligation to suitable or update any of these statements.
Perspective supply edition on businesswire.com: https://www.businesswire.com/information/property/20201210006255/en/
Resource: MetLife, Inc.
Media Get in touch with: Randy Clerihue, 646-552-0533
Investor Get hold of: John Hall, 212-578-7888
COMTEX_375916348/2456/2020-12-11T00:46:28
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Copyright Enterprise Wire 2020
The MarketWatch Information Section was not included in the creation of this content material.
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