PUIA and its customers expected to benefit from the strong client and service capabilities and vast carrier access of AssuredPartners

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AssuredPartners to acquire People's United Insurance Agency. (Credit: Tumisu from Pixabay)

US-based People’s United Bank has agreed to sell People’s United Insurance Agency (PUIA) to AssuredPartners for $120m in an all-cash deal.

The sale is being taken up by the People’s United Financial subsidiary to focus more on its banking operations.

People’s United Insurance Agency is a full-service insurance brokerage that serves the US Northeast. The insurance firm is headquartered in Hartford, Connecticut.

The insurance brokerage has been offering personal, commercial, and employee benefits insurance solutions to individuals, properties, and businesses for more than 100 years.

People’s United Insurance Agency is said to have a team of more than 160 insurance specialists spread across the US Northeast. The company is claimed to have $350m in premiums, while serving more than 20,000 clients.

People’s United Bank chairman and CEO Jack Barnes said: “This transaction allows People’s United to monetize its long-term investment in PUIA and simplify its operating model.

“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.”

People’s United Bank engaged Morgan Stanley & Co. as its financial advisor for the deal and Hodgson Russ as legal counsel.

The deal, which is subject to the meeting of customary closing conditions, is expected to be completed in the fourth quarter of this year.

AssuredPartners acquires and invests in insurance brokers

AssuredPartners is an independent insurance agency based in Florida. The company is engaged in acquiring and investing in insurance brokerage businesses in the US and in the UK.

It provides property and casualty, personal insurance, risk management, and employee benefits.

Last month, the insurance agency acquired Mainstreet Financial Services, a Seattle-based lawyers professional liability broker.

Prior to that, the agency acquired Dohn & Maher Associates, an Illinois-based insurance firm.