Chicago — The past month has seen commercial banks supersede their Wall Street cousins, most glaringly exemplified by Bank of America’s acquisition of Merrill Lynch. While the push of commercial banks into investment banking has happened rapidly and recently, their push into insurance has been glacial—broad, slowing moving and seemingly inexorable.
According to new analysis by Radnor, Pa.-based Michael White Associates and Washington’s American Bankers Insurance Association (ABIA), U.S. bank holding companies increased their total insurance revenue 9.5% to $23.7 billion in the first half of 2008 from $21.7 billion during the same period in 2007.
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