Farmers Insurance coverage has acquired MetLife Auto & House. The acquisition will make Farmers the sixth-largest private auto insurance coverage firm and third-largest owners insurer within the U.S. Farmers will purchase 2.4 million current insurance policies.
The transaction is anticipated to happen within the second quarter of 2021, topic to regulatory approvals.
MetLife’s insurance policies can be rebranded to Farmers as quickly as potential after the acquisition is full. However present MetLife auto and residential insurance coverage clients shouldn’t count on every other adjustments. MetLife clients won’t should get new insurance coverage brokers and their present charges won’t change to Farmers’ present charges at coverage renewal time.
Farmers has acquired MetLife clients’ insurance policies “as is,” in keeping with a Farmers spokesperson.
Farmers In comparison with MetLife Auto & House, Pre-Acquisition
“The acquisition of MetLife Auto & House is a singular alternative to speed up our progress and provides us a major presence in all 50 states,” stated Jeff Dailey, CEO of Farmers Group. As a part of the acquisition, Farmers will acquire entry to further unbiased brokers by the MetLife Auto & House community. MetLife presently sells by 7,700 unbiased brokers, whereas Farmers presently works with about 30,000, in keeping with S&P International Market Intelligence.
Farmers can be ready provide private strains insurance coverage merchandise by MetLife’s U.S. Group Advantages platform, which presently reaches 3,800 employers and roughly 37 million eligible staff, in keeping with Farmers.
Dailey stated the Farmers model is extra acknowledged for auto and owners insurance coverage than MetLife.
