Zurich closes acquisition of Bristol West Holdings, Inc.
Zurich, July 5, 2007 – Zurich Financial Services Group (Zurich) announces that after having received all the necessary regulatory approvals its subsidiary Farmers Group, Inc. (FGI) has completed the acquisition of 100% of Bristol West Holdings, Inc. on July 3. Bristol West Holdings is specialized in non-standard auto insurance business. The transaction represents an equity value of USD 713.5 million. As part of the transaction, FGI has sold the underlying insurance business to the Farmers Exchanges (which FGI manages but does not own) for USD 370 million. The transaction was first announced on March 2, 2007.
