ZURICH/LONDON -Zurich Insurance and Farmers Exchanges have agreed to buy MetLife’s U.S. property and casualty business for $3.94 billion, the insurers said on Friday, after the COVID-19 pandemic made motor and home insurers more profitable.
Insurers, such as Zurich, by contrast have faced hefty claims from event cancellation and business interruption and premium rates are rising. It will also help Zurich deliver its growth targets for 2022. Chief financial officer George Quinn told the call that the insurer’s targets did not depend on acquisitions, but they “can accelerate what we are looking to achieve”.
The MetLife business to be acquired includes 2.4 million policies, $3.6 billion of net written premiums in 2019 and 3,500 employees, Zurich said.
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