Switzerland-based Zurich Financial Services Group has confirmed that its Farmers Group subsidiary has finalized the 100% acquisition of US non-standard auto insurer Bristol West Holdings, after receiving all the necessary regulatory approvals.
The transaction, which represents an equity value of $713.5 million, will result in the delisting of Bristol West Holdings from the New York Stock Exchange.
Following the completion of the transaction, Farmers Group (FGI) has immediately sold the underlying insurance business to the Farmers Exchange, which FGI manages, but does not own, for $370 million. This had been previously agreed between the parties, and was announced on March 2, 2007.