The MetLife deal is expected to contribute to Zurich’s earnings and deliver a return on investment of approximately 10 per cent from 2023. Reuters
The MetLife deal is expected to contribute to Zurich’s earnings and deliver a return on investment of approximately 10 per cent from 2023. Reuters
The MetLife deal is expected to contribute to Zurich’s earnings and deliver a return on investment of approximately 10 per cent from 2023. Reuters
The MetLife deal is expected to contribute to Zurich’s earnings and deliver a return on investment of approximately 10 per cent from 2023. Reuters

Zurich Insurance to buy MetLife’s property and casualty business for $4bn


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Zurich Insurance agreed to buy MetLife’s US property and casualty business for $3.94 billion in cash, extending its reach of its Farmers subsidiaries in the world’s largest economy.

The cost of the purchase will be divided between Zurich’s Farmers Group and Farmers Exchanges subsidiaries in the US, the Swiss insurer said in a statement on Friday.

The Farmers businesses will gain a nationwide presence in the US and access to MetLife’s distribution channels to 3,800 companies for 10 years, Zurich said. That may help boost revenue at the unit, where gross written premiums declined 3 per cent to $15.3bn in the third quarter.

The purchase adds to one of the busiest years for insurance deals since the financial crisis, as companies seek to emerge as the strongest players when the coronavirus pandemic subsides.

The MetLife deal is expected to contribute to Zurich’s earnings from the first full year after its completion in the second quarter and deliver a return on investment of approximately 10 per cent from 2023, according to the statement.

The business includes 2.4 million policies and a reported $3.6bn net written premiums in 2019. The transaction is still subject to regulatory approvals.

“After this acquisition we will be in the top 10 in every one of the 50 American states, which wasn’t the case before,” chief executive Mario Greco said on a conference call.

MetLife’s strength in the US Northeast and Midwest will add to Zurich’s presence in the South and West regions, he said.

The deal allows MetLife to simplify its operations and pursue its strategy of expanding in the US healthcare market, the company said separately.

MetLife recently announced the acquisition of Versant Health, which will make it the number three vision care provider in the US, according to the statement.

Farmers Exchanges, which is owned by its policyholders and managed by Zurich, intends to free up capital for the purchase by increasing the amount of reinsurance it uses, chief financial officer George Quinn said on the call.

The rules of the road keeping cyclists safe

Cyclists must wear a helmet, arm and knee pads

Have a white front-light and a back red-light on their bike

They must place a number plate with reflective light to the back of the bike to alert road-users

Avoid carrying weights that could cause the bike to lose balance

They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians

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Transmission: 8-speed automatic

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Quarter-finals

Saturday (all times UAE)

England v Australia, 11.15am 
New Zealand v Ireland, 2.15pm

Sunday

Wales v France, 11.15am
Japan v South Africa, 2.15pm

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It's up to you to go green

Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.

“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”

When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.

He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.

“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.

One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.  

The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.

Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.

But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”

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Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Day 2

New Zealand 153 & 56-1
Pakistan 227

New Zealand trail by 18 runs with nine wickets remaining

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1) Beware of cheques presented late on Thursday

2) Visit an RTA centre to change registration only after receiving payment

3) Be aware of people asking to test drive the car alone

4) Try not to close the sale at night

5) Don't be rushed into a sale 

6) Call 901 if you see any suspicious behaviour

Euro 2020

Group A: Italy, Switzerland, Wales, Turkey 

Group B: Belgium, Russia, Denmark, Finland

Group C: Netherlands, Ukraine, Austria, 
Georgia/Kosovo/Belarus/North Macedonia

Group D: England, Croatia, Czech Republic, 
Scotland/Israel/Norway/Serbia

Group E: Spain, Poland, Sweden, 
N.Ireland/Bosnia/Slovakia/Ireland

Group F: Germany, France, Portugal, 
Iceland/Romania/Bulgaria/Hungary

A timeline of the Historical Dictionary of the Arabic Language
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  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
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Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Afghanistan Premier League - at a glance

Venue: Sharjah Cricket Stadium

Fixtures:

Tue, Oct 16, 8pm: Kandahar Knights v Kabul Zwanan; Wed, Oct 17, 4pm: Balkh Legends v Nangarhar Leopards; 8pm: Kandahar Knights v Paktia Panthers; Thu, Oct 18, 4pm: Balkh Legends v Kandahar Knights; 8pm: Kabul Zwanan v Paktia Panthers; Fri, Oct 19, 8pm: First semi-final; Sat, Oct 20, 8pm: Second semi-final; Sun, Oct 21, 8pm: final

Table:

1. Balkh Legends 6 5 1 10

2. Paktia Panthers 6 4 2 8

3. Kabul Zwanan 6 3 3 6

4. Nagarhar Leopards 7 2 5 4

5. Kandahar Knights 5 1 4 2

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UAE currency: the story behind the money in your pockets
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Manchester City 1 (Gundogan 56')

Shakhtar Donetsk 1 (Solomon 69')

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Luton Town 1 (Clark 30')

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Director: Neeraj Pandey

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Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

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Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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