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.
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.
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.