Cadence Bank has successfully concluded the sale of its insurance operations to Arthur J. Gallagher & Co. for an impressive $904m in cash.
The sale of Cadence Insurance inc., which is subject to customary purchase price adjustments, will enable the bank to to redirect capital into bolstering its core banking business and fulfilling strategic initiatives in the short and long term.
The acquisition marks a pivotal moment in Arthur J. Gallagher’s global expansion efforts. The purchase bolsters their scope in the sector and continues its strategy of enhancing its presence and offerings in key markets.
Cadence Bank is a prominent regional banking franchise boasting assets of around $50bn. With a robust network of over 350 branches spanning across the Southern and Texan regions, the firm delivers a spectrum of innovative banking and financial solutions.
Their extensive services encompass consumer banking, loans, mortgages, credit cards, commercial and business banking, treasury management, asset-based lending, wealth management, investment, trust services, and more.
Arthur J. Gallagher & Co., known as NYSE: AJG, operates as a global insurance brokerage, risk management, and consulting services firm from its headquarters in Rolling Meadows, Illinois. With a significant presence across approximately 130 countries, Gallagher offers comprehensive services through its owned operations and an extensive network of correspondent brokers and consultants.
Dan Rollins, chairman & CEO of Cadence Bank, said, “The completion of this transaction is a testament to the significant value of the insurance business. Over the past 24 years, we have enjoyed a strong partnership with Cadence Insurance, and we applaud their leadership and the entire team for their many contributions and commitment to serving their clients and communities.”
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