BRIDGEPORT, Conn., Sept. 22, 2020 /PRNewswire/ -- People's United
Bank, N.A. a subsidiary of People's United Financial, Inc. (NASDAQ:
PBCT) today announced that it has entered into a definitive
agreement to sell People's United Insurance Agency (PUIA) to
AssuredPartners. The transaction is expected to close in the fourth
quarter of 2020, subject to customary closing conditions.
PUIA is a full-service insurance brokerage and one of the
leading insurance firms serving the Northeast. For more than 100
years, PUIA has provided 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 U.S. and in the U.K. 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 U.S. business. The company offers property & casualty, risk
management and personal insurance, in addition to employee
benefits.
"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."
Under the terms of the Agreement, the purchase price is
$120 million in cash, reflecting a
3.7x multiple of LTM revenue. Morgan Stanley & Co. LLC served
as financial advisor and Hodgson Russ LLP served as legal counsel
to People's United.
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 more than $61 billion
in assets. Founded in 1842, People's United Bank offers commercial
and retail banking through a network of over 400 retail locations
in Connecticut, New York, Massachusetts, Vermont, New
Hampshire and Maine, as
well as wealth management and insurance solutions. The company also
provides specialized commercial services to customers
nationwide.
Forward Looking Statements
Certain statements
contained in this release are forward-looking in nature. These
include all statements about People's United Financials' plans,
objectives, expectations and other statements that are not
historical facts, and usually use words such as "expect,"
"anticipate," "believe," "should" and similar expressions. Such
statements represent management's current beliefs, based upon
information available at the time the statements are made, with
regard to the matters addressed. All forward-looking statements are
subject to risks and uncertainties that could cause People's United
Financials' actual results or financial condition to differ
materially from those expressed in or implied by such statements.
Factors of particular importance to People's United Financial
include, but are not limited to: (1) changes in general,
international, national or regional economic conditions; (2)
changes in interest rates; (3) changes in loan default and
charge-off rates; (4) changes in deposit levels; (5) changes in
levels of income and expense in non-interest income and expense
related activities; (6) changes in accounting and regulatory
guidance applicable to banks; (7) price levels and conditions in
the public securities markets generally; (8) competition and its
effect on pricing, spending, third-party relationships and
revenues; (9) the successful integration of acquisitions; (10)
changes in regulation resulting from or relating to financial
reform legislation; and (11) the COVID-19 pandemic and its effect
on the economic and business environment in which we operate.
People's United Financial does not undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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SOURCE People's United Bank