Zurich Insurance-backed Farmers Group and Farmers Exchanges completed the acquisition of MetLife Auto & Home for $3.94bn.

Zurich Insurance-backed insurance services providers Farmers Group and Farmers Exchanges, completed the acquisition of MetLife Auto & Home, the property and casualty business of MetLife, for $3.94bn. “The acquisition significantly increases the potential for growth at the Farmers Exchanges and will further boost the share of Zurich’s profits linked to stable fee-based earnings. Together with the continued increase in rates in commercial insurance, this transaction will strengthen our ability to achieve our 2022 targets,” Mario Greco, Zurich Insurance CEO.