The Farmers Exchanges and Farmers Group, Inc. (FGI) today announced they have jointly completed the acquisition of MetLife’s property and casualty business (MetLife Auto & Home) for a purchase price of $3.94 billion as of April 7, assuming responsibility for 2.4 million policies in force. The closure provides the Farmers brand significant opportunity to expand its customer reach with a truly national presence, grow its core property and casualty business and strengthen its position as one of the leading personal lines carriers in the United States.
“The completion of this transaction represents a new milestone in our organization’s nearly 100-year history that will help accelerate growth, diversify our distribution and position Farmers for the future,” said Jeff Dailey, chief executive officer for Farmers Group, Inc. “Farmers-branded products will now be available nationwide, providing consumers from coast to coast with more choices and opportunities to engage with Farmers when shopping for auto and home coverage.”
As part of the transaction, the Farmers Exchanges entered into a 10-year exclusive distribution agreement with MetLife to offer Farmers personal lines products on MetLife’s U.S. Group Benefits platform, which reaches 3,800 employers and approximately 37 million eligible employees.
Continuity will be key for the MetLife Auto & Home customers coming to Farmers through the acquisition, whose policies will remain the same – other than rebranding – and continue to be supported by the approximately 3,500 employees joining the Farmers organization.
