Sidley is representing the Farmers Exchanges in the US$760 million sale of three brokerage entities, as well as its flood program servicing arm, to Farmers Group, Inc. (FGI). The brokerages offer alternative insurance options for the more than seven million Farmers Exchanges quotes that are currently not taken up by customers.
The transaction is one of the largest insurance broker M&A deals announced globally in 2023, according to data obtained from S&P Capital IQ Pro.
The California-based Farmers Exchanges are the three primary insurers that make up the Farmers organization, which serves more than 10 million households across all 50 U.S. states. FGI is a wholly-owned subsidiary of Switzerland-based Zurich Insurance Group, a leading multi-line insurer serving customers in more than 200 countries and territories.
The Sidley team is led by Sean Carney and Michael Rosenfield (Insurance), and includes Patricia Zucchelli, Jacob Grossman, and Nicole Mouzakiotis (Insurance), Stephen Fronk (Technology Transactions), Peter Edgerton (Tax), and Edward Sharon (Antitrust and Competition).