Insurance giant Zurich has confirmed it is in talks with insurer Metlife to buy its property and casualty (P&C) business in the US.
If successful, the M&A deal would involve Zurich’s subsidiary Farmers Group in conjunction with the Farmers Exchanges.
The insurer, however, clarified that it has no ownership interest in the Farmers Exchanges. Farmers Group provides “certain non-claims services and ancillary services to the Farmers Exchanges as its attorney-in-fact and receives fees for its services”, it added.
Negotiations are still ongoing, and Zurich did not disclose any terms of the M&A deal, as “there can be no assurance that a transaction will take place”.
Zurich did not announce its future plans regarding the insurance market in the US.