Willkie represented Zurich and Farmers Group, Inc. in the transaction.
On December 11, Zurich Insurance Group (Zurich) subsidiary Farmers Group, Inc. (FGI) announced it has agreed to acquire MetLife’s property and casualty business in the US together with the Farmers Exchanges for $3.94 billion. Zurich will contribute $2.43 billion through FGI and the Farmers Exchanges $1.51 billion.
In connection with the transaction, MetLife and the Farmers Exchanges have established a 10-year strategic partnership through which Farmers Insurance will offer products on MetLife’s U.S. Group Benefits platform, which today reaches 3,800 employers and approximately 37 million eligible employees. Farmers will also gain access to MetLife’s network of 7,700 independent agents and assume responsibility for MetLife’s existing retail property and casualty customers.
The 10-year strategic partnership will provide MetLife’s existing group benefits customers with continuity in account management while adding Farmers industry-leading products to the platform. MetLife is a market leader in the U.S. group benefits space, offering over 35 group products and services and serving tens of millions of U.S. employees and their dependents.
Founded in 1872, Zurich Insurance Group is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 215 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.
The Willkie team was led by partners Thomas Cerabino and Sarah Wong and included partners Elizabeth Bannigan, Matthew Makover and Guy Inbar; counsel Yevgeniy Markov and associate Rose Ohanesian.