calendar Saturday, 28 November 2020 clock
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NEW YORK: Switzerland’s Zurich Insurance Group is in advanced talks to acquire MetLife US property and casualty (P&C) car and home insurance unit for close to $4 billion, according to people familiar with the matter Reuters has reported.

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.

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It did not comment on the value of the deal.

The deal, executed through its Farmers Group subsidiary, would expand Zurich Insurance’s P&C business, as the industry grapples with fallout from the Covid-19 pandemic, which drove up claims for business interruptions and event cancellations.

Fierce competition

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.

If the negotiations conclude successfully, a deal could be announced by early December, the sources said.

MetLife declined to comment.