McKayla Girardin, Car Insurance Writer
@mckayla_girardin
Yes, Farmers Insurance bought MetLife’s home and auto insurance business. The purchase was agreed to in December 2020 and finalized in April 2021, but current MetLife customers will see no changes to their policies and will only receive new paperwork with Farmers branding.
This acquisition included all aspects of the MetLife home and auto business, and Farmers assumed 2.4 million existing MetLife insurance policies. If you already have a MetLife policy, know that the people who handled the servicing and underwriting of MetLife’s policies will continue to do so under Farmers. If you do not yet have a policy, you will need to purchase a policy through Farmers, as no new home or auto policies will be written by MetLife.
Customers who have life or health insurance through MetLife will not see any changes to their policy or paperwork since only the home and auto insurance business was sold. Anyone looking to purchase life or health insurance from MetLife is still able to do so.
People also ask
Who owns Farmers insurance?
Farmers Insurance is owned by the company's policyholders. Farmers is a type of insurance company called a reciprocal insurance exchange, which means that policyholders assume each other's risk, though the day-to-day management of the company is done by Zurich Insurance Group, Ltd.
Zurich Insurance Group also acts as the attorney-in-fact for Farmers. It is in charge of issuing policies, collecting premiums, and paying agents, among other things, but it does not own Farmers Insurance.
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MetLife is owned by its shareholders, as it is a publicly traded company. The biggest shareholders are BlackRock, Dodge & Cox, and The Vanguard Group, which have a combined ownership stake of almost 20%, as of Q3 2021, according to public filings.
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read full answer by Lilah Butler, Car Insurance WriterAre Farmers insurance rates competitive?
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