Farmers Insurance Group completed the $3.94 billion purchase of MetLife’s property and casualty business Wednesday, the company announced.
The Farmers Exchanges and Farmers Group Inc. jointly acquired MetLife Auto & Home, assuming responsibility for 2.4 million policies.
“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, CEO of the Woodland Hills-based company. “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 about 37 million eligible employees.
Customers’ policies will remain the same, company officials said.