Vermont Business Magazine People's United Bank, NA a subsidiary of People's United Financial, Inc (NASDAQ: PBCT) based in Bridgeport, CT, announced today that it has completed the sale of People's United Insurance Agency to Florida-based AssuredPartners. The transaction was announced on September 22, 2020.
Under the terms of the agreement, the purchase price is $120 million in cash, reflecting a 3.7x multiple of LTM (last 12 months) revenue. Morgan Stanley & Co LLC served as financial advisor and Hodgson Russ LLP served as legal counsel to People's United.
People's United Insurance Agency is a full-service insurance brokerage serving the Northeast providing commercial and personal, as well as employee benefit insurance solutions.
AssuredPartners, headquartered in Lake Mary, FL and founded in 2011, is an independent insurance agency that acquires and invests in insurance brokerage businesses across the US and in the UK. AssuredPartners is one of the fastest growing insurance brokers in the nation with locations across 34 states, and is ranked the 11th largest broker of US business. The company offers property & casualty, risk management and personal insurance, in addition to employee benefits.
About People's United Bank
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with approximately $61 billion in assets. Founded in 1842, People's United Bank offers commercial and retail banking through a network of more than 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management solutions. The company also provides specialized commercial services to customers nationwide."This transaction allows People's United to monetize its long-term investment in PUIA and simplify its operating model," said Jack Barnes, Chairman and Chief Executive Officer of People's United Bank. "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. As part of AssuredPartners, PUIA and its customers will benefit from their strong client and service capabilities and extensive carrier access. Finally, I would like to thank our colleagues at PUIA for their meaningful contributions to People's United over the years."
Source: BRIDGEPORT, Conn., Nov. 2, 2020 /PRNewswire/ -- People's United Bank, NA