People’s United sells insurance brokerage for $120M

People’s United Bank has announced the sale of its People’s United Insurance Agency (PUIA) to AssuredPartners for $120 million in an all-cash transaction.

PUIA is an insurance brokerage offering commercial and personal products and employee benefit insurance products in the Northeastern states. AssuredPartners is an independent insurance agency headquartered in Lake Mary, Florida, that acquires and invests in insurance brokerage businesses across the U.S. and in the U.K. The company offers property and casualty, risk management and personal insurance products.

“This transaction allows People’s United to monetize its long-term investment in PUIA and simplify its operating model,” said Jack Barnes, Chairman and CEO 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.”

The transaction is expected to close in the fourth quarter.