March 2, 2007
Farmers Group, Inc., a wholly owned subsidiary of Zurich Financial Services Group, has agreed to acquire auto insurer Bristol West Holdings Inc.
On March 2, it was announced that Willkie client Farmers Group, Inc., a wholly owned subsidiary of Zurich Financial Services Group, has agreed to acquire auto insurer Bristol West Holdings Inc. for $712 million, excluding the assumption of debt. Under the terms of the agreement, the holders of Bristol West common stock will receive $22.50 per share.
With operations in 41 states, Farmers Insurance Group of Companies is the nation's third-largest personal lines property & casualty insurance group. It comprises insurers that provide homeowners, auto, business, and life insurance, as well as financial services to more than 10 million households through 17,000 exclusive and independent agents and district managers. Zurich Financial Services Group is an insurance-based financial services company with approximately 55,000 employees serving customers in more than 120 countries. Bristol West provides private passenger automobile liability and physical damage insurance in 22 states.
The deal was handled by partners Thomas Cerabino, Adam Turteltaub, Richard Reinhold and David Rubinsky; and associates Kelly Sutherland, Michael Brandt, Seth Zelnick, Vladimir Kobzar and Katie Calabrese.
