BRIDGEPORT, Conn., Nov. 2, 2020 /PRNewswire/ -- People's United
Bank, N.A. a subsidiary of People's United Financial, Inc. (NASDAQ:
PBCT) announced today that it has completed the sale of People's
United Insurance Agency to AssuredPartners. The transaction was
announced on September 22, 2020.
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 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.
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.
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