Zurich Insurance nears $4 billion deal for MetLife unit

SourceArab News
SectorReal Estate
CountryMiddle east

Zurich Insurance nears $4 billion deal for MetLife unit Zurich Insurance nears $4 billion deal for MetLife unit Zurich Insurance nears $4 billion deal for MetLife unit Zurich Insurance Group head offices in the German city Hamburg. (Shutterstock) Short Url Follow @arabnews Zurich Insurance nears $4 billion deal for MetLife unit MetLife reported a 68 percent drop in third-quarter adjusted earnings at its US property and casualty division, to $18 million Updated 22 November 2020 Follow @arabnews NEW YORK: Switzerland’s Zurich Insurance Group is in advanced talks to acquire MetLife Inc’s US property and casualty (P&C) car and home insurance unit for close to $4 billion, according to close sources. Zurich Insurance issued a statement late on Friday confirming it was in discussions to acquire MetLife’s US property and casualty business and cautioning that no deal was certain. It did not comment on the value of the deal. Any agreement, executed through its Farmers Group Inc. subsidiary, would expand Zurich Insurance’s P&C business, as the industry grapples with fallout from the coronavirus disease  pandemic, which drove up claims for business interruptions and event cancelations. It would also allow MetLife to exit a business in which it faces fierce competition from larger players such as State Farm, GEICO and Progressive Insurance. Its P&C business focuses more ...read more...