Banners fly outside a Zurich Insurance Group AG building in Zurich, Switzerland. (Photo: Alessandro Della Bella/Bloomberg) Banners fly outside a Zurich Insurance Group AG building in Zurich, Switzerland. (Photo: Alessandro Della Bella/Bloomberg)

(Bloomberg) — Zurich Insurance Group AG agreed to buy MetLife Inc.’s U.S. property and casualty business in a $3.94 billion cash transaction, extending its reach in the world’s largest economy.

Zurich’s subsidiary Farmers Group Inc. and Farmers Exchanges, which the insurer manages, will fund the purchase jointly, the Swiss company said in a statement on Friday, Dec. 11.

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