AssuredPartners acquires Connecticut agency

AssuredPartners Inc. has acquired People’s United Insurance Agency for $120 million cash, Lake Mary, Florida-based AssuredPartners said in a statement Thursday.

 

The acquisition, from People’s United Bank NA, a subsidiary of People’s United Financial Inc., is expected to close in the fourth quarter of 2020.

 

People’s United Insurance Agency, based in Bridgeport, Connecticut, provides commercial and personal insurance as well as employee benefits, AssuredPartners’ statement said.

AssuredPartners president and Chief Operating Officer Tom Riley said the deal would continue the broker’s expansion in the Northeast.

 

Jack Barnes, chairman and CEO of People’s United Bank, said the sale allows the bank to focus on core banking products and services and enhance digital offerings.

 

AssuredPartners is the 12th-largest broker of U.S. business with about $1.4 billion in brokerage revenue, according to Business Insurance’s latest ranking.

 

People’s United Insurance Agency is the 92nd-largest broker of U.S. business with about $32 million in brokerage revenue, according to BI’s latest ranking.