People’s United to unload Hartford insurance unit for $120M
HBJ Photo | Joe Cooper
Buffalo’s M&T Bank announced it would buy Bridgeport-based People’s United Bank.
Bridgeport-based People’s United Bank has agreed to sell its longtime insurance agency, which is based in Hartford, for $120 million in cash.
Buying People’s United Insurance Agency (PUIA) is AssuredPartners, a Florida-based agency that has been buying up insurance brokerages in Connecticut and across the country in recent years.
"This transaction allows People's United to monetize its long-term investment in PUIA and simplify its operating model," Chairman and CEO Jack Barnes said in a statement. "It also allows us to focus additional resources on delivering core banking products and services, and to further enhance digital offerings across our commercial, retail and wealth management businesses."
He said AssuredPartners brings “strong client and service capabilities and extensive carrier access” that will benefit PUIA’s customers.
The sale is expected to close in the upcoming fourth quarter. The purchase price is 3.7 times PIUA’s revenue over the last 12 months, the bank said.
People’s United -- the largest Connecticut-headquartered bank by deposits -- has built up its insurance business over the years, including through the 1999 acquisition of Hartford’s R.C. Knox and Co., a deal that brought People’s United into the commercial property and casualty space.
People’s United started using the PUIA name for its insurance unit back in 2011. As of late 2017, PUIA reported 160 total employees and 20,000 clients.
Most Recent
Most Recent
0 Comments