Hartford-based People”™s United Insurance Agency, a subsidiary of Bridgeport’s People”™s United Bank, has acquired Kesten-Brown Insurance brokerage firm, also of Bridgeport.
“We are pleased to announce the acquisition of Kesten-Brown, a firm focused on commercial lines and employee benefits,” Jack Barnes, president and chief executive officer of People”™s United Bank, said. “This transaction will further diversify revenues through additional non-interest income as well as bolster our insurance business. People”™s United ranks as the 12th largest bank nationally in terms of insurance brokerage fee income.”
According to People”™s United officials, Kesten-Brown Insurance, formed in 2000, is recognized for its expertise in serving larger commercial clients with a concentration in contractors, manufacturers, non-profit organizations and real estate development risks.
Dan Casey, president and chief executive officer of People”™s United Insurance Agency said the acquisition will expand the agency”™s range of products and services, paving the way for new clients and adding to insurance and risk management options for existing clients.
The move was hailed by Robert Kesten, principal of Kesten-Brown, as an opportunity fort his clients as well.
“We”™re very excited to be joining People”™s United Insurance Agency as its depth, resources and outstanding customer service will bring additional products and service to our clients and prospects,” he said. “Additionally, the stability and culture of People”™s United allows all of us at Kesten-Brown the opportunity for personal growth and success.”
