Zurich Insurance Group, a Swiss multi-line insurer, has confirmed it is in discussions to acquire MetLife’s US property and casualty (P&C) business.
Zurich subsidiary Farmers Group is proposing to acquire the business in conjunction with the Farmers Exchanges.
MetLife is a global provider of insurance, annuities and employee benefit programmes.
Zurich refused to comment on the cost of the transaction and stated that the “terms of any transaction are subject to negotiations and there can be no assurance that a transaction will take place”.
MetLift’s recently announced its Q3 2020 financial results, which showcased its P&C adjusted earnings at $18 million, down 68 percent from Q3 2019 which was $57 million, which MetLife said was driven by catastrophe losses.
MetLife’s P&C adjusted premiums, fees and other revenues were $908 million in Q3 2020, down 2 percent from Q3 2019 where it stood at $931 million.
In addition, MetLife’s pre-tax catastrophe losses and prior year development totaled $175 million, compared to $64 million in the prior-year period.
