Zurich takes over brokerage firms in the USA
Published: Thursday, Nov 9th 2023, 09:31
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The insurance group Zurich is taking over three brokerage firms and the service business of the state flood insurance program of Farmers Exchanges in the USA. The takeover price is estimated at 760 million US dollars.
The brokerages, named Kraft Lake Insurance Agency, Western Star Insurance Services and Farmers General Insurance Agency, would enable the creation of a more attractive customer offering with a broader range of products and services, according to a statement issued Thursday. The agreed purchase price represents approximately 18 times EBITDA for the existing business, an additional payment for the value of the tax attributes and a further payment related to fee income for the new alternative insurance options.
As is well known, Zurich Insurance does not hold any shares in the Farmers Exchanges. However, it does provide services via its Farmers subsidiary and receives fees for these services.
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