Farmers Insurance completes acquisition of Bristol West Holdings

By Devika Patel

Knoxville, Tenn., July 5 - Farmers Insurance Group, Inc. announced the completion of its acquisition of non-standard auto insurer, Bristol West Holdings, Inc.

"Adding Bristol West's non-standard auto insurance business to the Farmers platform is a great fit and will contribute to increase our outreach," Paul N. Hopkins, chief executive officer of Farmers Group, said in a press release. "Their innovative product capabilities combined with Farmers' distribution breadth and operational excellence will benefit our entire organization and, most importantly, our customers.

As previously reported, Bristol West shareholders will receive $22.50 per share in cash in the transaction valued at $712 million. The companies announced their agreement on March 2.

Bristol West, a property and casualty insurer based in Davie, Fla., will be the surviving corporation.

Los Angeles-based Farmers Group is a property and casualty insurer and a wholly owned subsidiary of Zurich Financial Services Group.

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