MetLife Completes $3.9 Billion P&C Unit Sale: Deals
777 Partners acquired a Medicare plan distributor, Integrity Marketing bought an IMO.
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.
Integrity Marketing is a Dallas-based insurance distributor that has grown rapidly through acquisitions and has relationships with 7 million clients.
Kellogg is an insurance marketing organization (IMO) based in Draper, Utah, that was founded in 1968. It now distributes life insurance, health insurance for people under 65 and Medicare plans through a network of thousands of agents.
Kellogg has relationships with about 40,000 clients.
Integrity Marketing is not saying how much it’s paying for Kellogg. Kevin Owens, Kellogg’s president, will become a managing partner in Integrity Marketing.
Beam Dental has raised $80 million from a group of investors that includes Nationwide.
Columbus, Ohio-based Beam Dental uses digital, networked toothbrushes to reward dental plan members for taking care of their teeth.
The company was founded in 2012. It now has 250 employees and operations in 41 states. It has raised a total of $160 million in funding.
The biggest contributor to the new round of funding was Mercato Partners’ Traverse fund.
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