Hancock Holding Co., the Gulfport, Miss.-based parent company of Hancock Insurance Agency and Whitney Insurance Agency, said it has agreed to sell its property/casualty and group benefits books of business to broker AssuredPartners Inc.
The financial terms of the sale agreement, announced Tuesday, were not disclosed.
The sale of the two business segments — which together accounted for roughly half of Hancock Holding Co.'s $15.8 million in insurance revenue in 2013 — is expected to close on Friday, with an effective date of April 1, according to a statement released by the company on Tuesday.
Carl Chaney, Hancock Holding Co.'s president and CEO, said in the statement that the sale would permit the company to focus its efforts and resources on “potentially higher-return, revenue generating initiatives.”
“While this transaction is not part of our ongoing expense reduction initiative, it allows the company to focus on core banking and wealth management segments designed to achieve future efficiency goals,” Mr. Chaney said in the statement.
Under the terms of the sale, Lake Mary, Fla.-based AssuredPartners has agreed to establish a referral program that will allow the Hancock and Whitney insurance agencies to continue providing property/casualty insurance and employee group health benefits services to clients, according to Hancock Holding Co.'s statement.
AssuredPartners is the 14th-largest broker of U.S. business, according to Business Insurance's latest ranking.