People's United to Sell Insurance Unit

Bram Berkowitz, The Motley Fool

September 22, 2020 at 6:32 PM·2 min read

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. "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.

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People's United to Sell Insurance Unit

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