What You Need to Know
- Zurich’s Farmers Insurance unit has acquired MetLife’s old auto and home customers.
- Medicare plan distributors are hot.
- Beam Dental raised $80 million from investors including Nationwide.
MetLife has completed previously announced plans to sell its Metropolitan Property and Casualty Insurance Company unit to Farmers Group Inc. for $3.9 billion in cash.
Farmers is an arm of Zurich Insurance Group.
MetLife and Farmers have set up a 10-year alliance. Farmers will use the alliance to sell property and casualty insurance through MetLife’s U.S. group benefits program, which serves 3,800 employers and 37 million employees.
Farmers also will serve the people who have P&C coverage from Metropolitan P&C.
MetLife and Farmers first announced the deal in December 2020.
Other Insurance Deal News
Miami-based investment company 777 Partners has acquired Ensurem for an undisclosed price.
Ensurem is a Clearwater, Florida-based Medicare plan distributor that was founded in 2016. It uses a website and two contact centers to sell Medicare Advantage plans, Medicare supplement insurance, vision plans, dental plans, hospital indemnity insurance and final expense insurance.
The company has about 200 licensed agents in the contact centers and generated $20 million in revenue in 2019.
Integrity Marketing LLC has acquired Kellogg Insurance Marketing.