Personal lines auto insurer Bristol West Holdings Inc., Davie, Fla., has agreed to be acquired for $712 million by Farmers Group Inc.
Under the agreement, holders of Bristol common stock will receive $22.50 per share in cash–close to 39 percent above the March 1 closing price of $16.21. Farmers is a wholly-owned subsidiary of Zurich Financial Services Group.
Commenting on the announcement, Jeffrey J. Dailey, chief executive officer and president of Bristol, said the sale is "a way of enhancing Farmers' non-standard auto insurance business through their own highly successful distribution network."
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