Swiss insurer Zurich Financial Services AG said Friday that an American accessory intends to buy Bristol West Holdings Inc. for about $712 million, allowance to beef up the Swiss insurer’s U.S. operations.
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Bristol West, an auto insurer based in Davie, Fla., accepted that it had agreed to be acquired by the Zurich Financial’s wholly endemic accessory Farmers Group Inc., which offers a ambit of allowance and added products. The banknote action to Bristol West shareholders works out to $22.50 a share.
As allotment of the transaction, Farmers will anon advertise the basal allowance business to the Farmers Exchanges, which Farmers Group manages but doesn’t own.
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“Adding Bristol’s auto allowance business to the Farmers belvedere is a abundant fit and contributes to access our outreach,” said Farmer Group Arch Controlling Paul Hopkins.
Jeffrey J. Dailey, arch controlling of Bristol West, said, “We are captivated that Zurich and Farmers accept accustomed the backbone of the aggregation we accept congenital over the aftermost several years, and see it as a way of acceptable Farmers’ non-standard auto allowance business.”
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Bristol West provides accountability and concrete accident allowance in 22 states, absorption alone on clandestine commuter cars.
In 2006, the aggregation appear gross accounting premiums of about $600 actor and a accumulated arrangement of 91 percent. A akin beneath 100 percent agency the aggregation is profitable.
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Zurich Financial said the closing of the transaction is accountable to approval by Bristol West stockholders and authoritative approvals.
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