By:
On:
In: Starting A Business

MetLife (MET +1.8%) reportedly started a sale process for its P&C business with a potential price of $3B-$4B, a price that “seems reasonable for a personal lines business with a solid track record,” say KBW analysts Ryan Krueger and Meyer Shields in a note released late Thursday.

Refers to article in Inside P&C.

The KBW analysts note that the business “never seemed like a complete strategic fit despite MET’s worksite distribution efforts.”

They see Berkshire Hathaway (BRK.A +1.3%) (BRK.B +1.0%), Travelers (TRV +0.4%), and Hartford (HIG +0.7%) as potential acquirers.

Allstate’s (ALL -0.2%) pending acquisition of National General “probably precludes another major deal,” they wrote.

Among non-publicly traded companies, State Farm, Liberty Mutual, Farmers, Nationwide, and American Family could be interested.

Regarding a potential sale’s effect on MET: “Assuming a $3.5B sale price, $3.2B of after-tax proceeds, $2B-$3B of incremental share repurchase, we

… Read More

By:
On:
In: Business News Articles

Insurer MetLife  (MET) – Get Report, further building its group-benefits business, definitively agreed to acquire vision-care company Versant Health for about $1.68 billion cash from a group led by the New York private-equity firm Centerbridge Partners. 

MetLife aims to deploy capital “to the highest-value opportunities,” said MetLife President and Chief Executive Michel Khalaf in a statement. Versant is “the right strategic fit with our group benefits business.”

The deal brings brands like Davis Vision and Superior Vision into the MetLife fold. Versant, Linthicum, Md., has about 35 million members.

MetLife says it has offered group vision insurance since 2012. Adding Versant Health will give MetLife roughly 38 million vision-care members.

MetLife’s says it already has a 15% market share in the U.S. Group benefits space. Its group-benefits insurance products serve about 41 million U.S. employees and their dependents. 

This deal builds on MetLife’s recent expansion into pet

… Read More