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The deal, executed through its Farmers Group Inc 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.
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MetLife, whose offerings also include life insurance, employee benefits and asset management, earlier this month reported a 68% drop in third-quarter adjusted earnings at its U.S. property and casualty division, to $18 million. The decline was driven by catastrophe losses caused by storms in the United States, it said.
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