People's United to Sell Insurance Unit

People's United Financial (NASDAQ: PBCT), the roughly $61 billion asset bank based in Connecticut, announced that it will sell its full-service insurance brokerage to the insurance agency AssuredPartners.

AssuredPartners will pay $120 million in cash for People's United Insurance Agency (PUIA), representing 3.7 times the last 12 months' (LTM) revenue of the brokerage. The deal is slated to close before the end of the year.

"This transaction allows People's United to monetize its long-term investment in PUIA and simplify its operating model," Jack Barnes, chairman and CEO of People's United, said in a statement. "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."

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Source Fool.com