Debevoise & Plimpton LLP is advising MetLife, Inc. (NYSE: MET) in the $3.94 billion sale of Its auto and home business, Metropolitan Property and Casualty Insurance Company and certain wholly owned subsidiaries, to Zurich Insurance Group subsidiary Farmers Group, Inc. (FGI). FGI has informed MetLife that it will sell the insurance operations to the Farmers Exchanges. In connection with the transaction, MetLife and Farmers Exchanges have established a 10-year strategic partnership through which Farmers Insurance will offer its personal lines products on MetLife’s industry-leading U.S. Group Benefits platform. Farmers Insurance will also gain access to MetLife’s network of 7,700 independent agents and assume responsibility for MetLife’s existing retail property and casualty customers. For more information, please see the company’s press release.
MetLife is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world.
The Debevoise team is led by insurance M&A partners Nicholas Potter and Drew Dutton and includes counsel Eugene Benger and associates Joanna Faley, Risa Gordon, Tigist Kassahun, Susie Kim, Matthew Parelman, AJ Salomon, Sasha Semach and Brita Siepker, benefits partner Jonathan Lewis and associate Spencer Mizerak, tax partners Peter Schuur and Daniel Priest and associates Sabrina Hsieh and Molly Klinghoffer, intellectual property counsel Judith Church and real estate partner Nicole Mesard and associate Isaac Stern.