Menu

Reinsurance News

Zurich eyeing takeover of MetLife’s US P&C business

23rd November 2020 - Author: Matt Sheehan

Zurich Insurance Group has confirmed that it is currently in discussions regarding a potential takeover of MetLife’s US property and casualty (P&C) business.

Zurich LogoThe company announced that talks had indeed begun after rumours about an acquisition began circulating in the media.

Reuters had previously reported that a deal with life insurer MetLife could fetch up to $4 billion, with a possible transaction set for as soon as next month.

“Zurich subsidiary, Farmers Group, Inc., is proposing to acquire the business in conjunction with the Farmers Exchanges,” Zurich has now confirmed.

However, the insurer added that the terms of any transaction are subject to negotiations and there can be no assurance that a transaction will take place.

MetLife’s US P&C business primarily offers coverage for homes and automobiles, which could be seen as attractive lines for Zurich given the reduction in claims brought about by the COVID-19 pandemic this year.

Likewise, for MetLife, the deal could represent a way to streamline its operations following a significant Q3 earnings drop.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Helios 2019 forecasts deteriorates due to COVID losses

Lloyd’s of London investment and underwriting vehicle Helios' current mid-point sydicate forecast for its 2019 year of account stands at negative...

Close