Zurich: confirms deal talks with MetLife
(CercleFinance.com) - Zurich Insurance Group confirmed on Monday that it is in talks to acquire the US property-and-casualty business (P&C) of insurance giant MetLife.
After media reported a potential transaction, Zurich said that its subsidiary Farmers Group is proposing to acquire the business, in conjunction with the Farmers Exchanges, in which the Swiss financial group currently has no stake.
The terms of any transaction are subject to negotiations, Zurich said, and there can be no guarantee that a deal will actually take place, it added.
Zurich shares were up over 1% on Monday morning, outperforming a 0.3% rise in Swiss blue-chip index SMI.
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After media reported a potential transaction, Zurich said that its subsidiary Farmers Group is proposing to acquire the business, in conjunction with the Farmers Exchanges, in which the Swiss financial group currently has no stake.
The terms of any transaction are subject to negotiations, Zurich said, and there can be no guarantee that a deal will actually take place, it added.
Zurich shares were up over 1% on Monday morning, outperforming a 0.3% rise in Swiss blue-chip index SMI.
Copyright (c) 2020 CercleFinance.com. All rights reserved.